ESMA_QA_1560

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1560

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Regulatory Context

Regulation : MIF2

Level 1 Regulation: Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Non-equity transparency

Subject Matter: Scope of the trading obligation for interest rate derivatives

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Question

Submission Date: 28 March 2018

Does the trading obligation for derivatives as specified in Commission Delegated Regulation (EU) 2017/2417 apply to non-par swaps?

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ESMA Answer

Answer Date: 28-03-2018

[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 4.12] No, the trading obligation for derivatives only applies to interest rate swaps as specified in table 1-3 of Commission Delegated Regulation (EU) 2017/2417 that are traded at par. Non-par swaps, including swaps traded at market-agreed-coupon (MAC), are currently not subject to the trading obligation for derivatives.

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This document was automatically extracted from the ESMA EMIR Q&A database.