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

Recognition of Cross-product Netting is Critical

US regulators are in the process of making important changes to the regulatory capital framework by proposing modifications to the enhanced supplementary leverage ratio, which should help stop it from acting as a non-risk-sensitive constraint on bank capacity – a...

ISDA, GFXD Response to FCA on SI Regime

On September 10, ISDA and the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association responded to the Financial Conduct Authority's (FCA) consultation paper CP25/20 on the systematic internalizer (SI) regime for derivatives and bonds. ISDA and the...

ISDA Response on Clearing Costs

On September 8, ISDA responded to consultation by the European Securities and Markets Authority (ESMA) on a draft regulatory technical standard on clearing fees and associated costs (article 7c(4) of the European Market Infrastructure Regulation (EMIR)). In the response, ISDA...