On October 1, 2021, ISDA submitted a response to the European Securities and Markets Authority’s (ESMA) consultation on the review of transparency requirement under the Markets in Financial Instruments Regulation (MIFIR). In the response, ISDA highlights the following aspects:
- The application of concepts from equity markets should be avoided with respect to the regulation of derivatives.
- There is a need to further differentiate bonds and derivatives and also exchange-traded derivatives and over-the-counter derivatives.
- The use of ISINs is inappropriate for the purpose of transparency in derivatives markets, undermining reference data and transparency information.
- It is premature to reform the current waiver regime (the size-specific-to-the-instrument and large-in-scale waivers) in light of the need to prevent liquidity makers and end users from undue risk.
Based on the feedback received from stakeholders, ESMA will publish a final report and submit draft technical standards to the European Commission in the first quarter of 2022.
Documents (1) for ISDA Responds to ESMA on Review of MIFIR Transparency Requirements
Latest
FSS published its Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Transactions
On September 1, the FSS published its Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Transactions. The guidelines extend the temporary exemption for equity options from the margin requirements until August 31, 2027. ISDA previously submitted a response to...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
10 Years of the ISDA SIMM
As the derivatives industry prepared for the September 2016 implementation of initial margin requirements for non-cleared derivatives, one challenge stood out: counterparties needed to agree on the amount of initial margin to be exchanged. But if each firm developed its...
Expanding the Universe of Eligible VM
ISDA conducted a series of interviews with buy- and sell-side firms to understand the drivers of a growing use of non-cash assets as variation margin (VM) for non-cleared over-the-counter (OTC) derivatives and the barriers that remain to expanding the use...