ESMA Publishes a Public Register Listing Derivatives Contracts Subject to the Trading Obligation

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January 17, 2018 TO: ICI Global Members
Derivatives Markets Advisory Committee
Equity Markets Advisory Committee
ICI Global Trading & Markets Committee
Securities Operations Advisory Committee SUBJECTS: Derivatives
International/Global RE: ESMA Publishes a Public Register Listing Derivatives Contracts Subject to the Trading Obligation

 

The European Securities and Markets Authority (ESMA) recently published on its website a public register listing the classes of derivatives contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR).[1] The public register includes the following data elements to describe the derivatives contracts subject to the trading obligation: 

• For interest rate derivatives: Type, settlement currency, trade start type, optionality, tenor, notional type, fixed leg payment frequency, floating leg reference index, floating leg reset frequency, and day count convention for both fixed and floating legs. 
• For credit derivatives: Type, sub-type, geographical zone, reference index, settlement currency, series, and tenor.

The public register also lists the EU trading venues where the classes of derivatives subject to the trading obligation are available for trading, the third-countries deemed equivalent for purposes of the trading obligation and the categories of trading venues covered by the equivalence decision, and the dates from which the trading obligation takes effect.

 

George M. Gilbert
Assistant General Counsel

 

endnotes

[1] See ICI Memorandum No. 30903 (October 10, 2017), available at https://www.iciglobal.org/iciglobal/pubs/memos/memo30903 (summarizing the EU’s trading obligation for derivatives). Article 34 of MiFIR requires ESMA to publish and maintain this public register.