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
ISDA Letter to CFTC on Public Interest Determinations for Event Contracts
On July 27, ISDA submitted a letter to the U.S. Commodity Futures Trading Commission (CFTC) on the CFTC’s proposed rulemaking on public interest determinations for event contracts published in the Federal Register on June 12, 2026. ISDA emphasized the importance...
ISDA Letter to BCBS on RMA Models
On July 24, ISDA wrote to the Basel Committee on Banking Supervision (BCBS) to request guidance on how the proposed Risk Mitigation Accounting (RMA) model under International Financial Reporting Standard (IFRS) 9/IFRS 7 should be treated for prudential regulatory capital...
US Treasury Repo Clearing Indicators June 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, a key objective of the Securities...
Australia: ISDA responds to ASIC consultation on pre-hedging guidance
On July 27, ISDA submitted a response to the Australian Securities and Investments Commission's (ASIC) consultation on its proposed regulatory guide on pre-hedging. ISDA's response emphasises the importance of international consistency, including alignment with the International Organization of Securities Commissions'...