ISDA Responds to ESMA’s Draft Opinion on the Trading Venue Perimeter

On April 29, 2022, ISDA responded to the European Securities and Markets Authority’s (ESMA) consultation on the trading venue perimeter, with the aim of clarifying the meaning of multilateral systems under the Markets in Financial Instruments Directive /Markets in Financial Instruments Regulation. In its response, ISDA highlights the need to differentiate between systems allowing for multiple bilateral interactions, such as communication platforms and multilateral systems that set the rules of trading and should be required to have trading venue authorization.

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ISDA response to ESMA MiFIR Review Consultation

On July 11, ISDA submitted a response to the European Securities and Markets Authority's (ESMA) fourth package of Level 2 consultation under the Markets in Financial Instruments Regulation Review (MiFIR), on transparency for derivatives, package orders and input/output data for...