Lawyers said Esma's trading obligation poses challenges around implementation
The European Securities and Markets
Authority's (Esma) consultation paper on the trading obligation
for over-the-counter derivatives under Mifid II released last
week leaves some room for industry comment and may pose
challenges for implementation, according to legal experts.
Esma's, chaired by Steven Maijoor,
proposed trading obligation will move the over-the-counter
(OTC) trading in liquid derivatives onto organised venues and,
like the rest of Mifid II, seeks to increase transparency in
the market. The consultation regarding packaged transactions of
derivatives, however, are very open-ended, leaving a lot of
room for commentary from market participants.
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