ISDA Submits Paper to ESMA on MIFIR Post-trade Transparency

On October 8, ISDA submitted a paper to the European Securities and Markets Authority (ESMA), in which it outlines its views on the scope of over-the-counter (OTC) derivatives post-trade transparency in the revised Markets in Financial Instruments Regulation (MIFIR). ISDA met with ESMA staff in July, with ESMA encouraging ISDA to share with it the consensus developed among ISDA members as to how the MIFIR post-trade transparency regime should be applied in practice. The paper outlines ISDA’s view on the treatment of certain interest rate derivatives, index credit default swaps and securitized derivatives.

ISDA is anticipating the publication of ESMA’s consultation paper on the revised regulatory technical standards, covering OTC derivatives, later in 2024 or in the first quarter of 2025.

Documents (1) for ISDA Submits Paper to ESMA on MIFIR Post-trade Transparency

Stress Scenarios for CCP IM Simulators

ISDA has published a paper that explains why stress scenarios that central counterparties (CCPs) use for default fund sizing cannot be used for forward-looking initial margin (IM) simulators. Typically, stress scenarios used by CCPs consist of a single step, transitioning...

Paper on EMIR 3 Active Account Representativeness

On September 4, ISDA, the European Fund and Asset Management Association (EFAMA) and FIA shared a paper with EU policymakers requesting clarification on the implementation of the active account requirement under the third European Market Infrastructure Regulation in relation to...

Episode 51: Trading Places

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