The revised Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation (MIFID II/MIFIR) were critical elements of the European Union’s (EU) effort to address shortcomings exposed by the financial crisis. Among other things, the framework was aimed at incentivizing the trading of standardized over-the-counter derivatives on exchanges and electronic trading platforms where appropriate, in order to improve transparency and ensure a level playing field between existing trading execution techniques.
These objectives have not entirely been met, and adjustments are required to make rules on data and reporting, transparency and systematic internalisers more effective. In addition, the lack of equivalence decisions for non-EU trading venues, particularly in a post-Brexit environment, could result in market fragmentation.
EU policy-makers are now reviewing MIFID II/MIFIR in light of market developments to determine which legislative adjustments are appropriate. ISDA believes the European Commission should adopt a ‘Refit’ approach, rather than a complete re-write of the legislation. This paper explores five key areas where a recalibration of the rules would be appropriate and would further enable safe, efficient derivatives markets.
Click on the attached PDF to read the full paper.
Documents (1) for Review of the MIFID II/MIFIR Framework
Latest
SwapsInfo
ISDA SwapsInfo enhances transparency in the over-the-counter (OTC) derivatives markets by transforming publicly available data into user-friendly, interactive tools. It provides clear, accessible insights into trading volumes for interest rate derivatives (IRD) and credit derivatives. Users can easily chart, analyze,...
ISDA Response to EC on Environmental Legislation
On September 10, ISDA, the Association for Financial Markets in Europe (AFME) and the European Fund and Asset Management Association (EFAMA) submitted a joint response to the European Commission’s (EC) call for evidence on reducing the administrative burden in environmental...
Credit Derivatives Trading Activity Q2 2025
This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...
ISDA Trading and Treasury Forum: CEO Remarks
ISDA Derivatives Trading and Treasury Forum London, September 16, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer Good morning, and welcome to the ISDA Derivatives Trading and Treasury Forum. Thank you to CME Group for partnering with us...