ESMA_QA_2533

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/2533

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Regulatory Context

Regulation : MIFIR

Level 1 Regulation: Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets

Level 2 Regulation: Regulation 2017/583 - RTS on transparency requirements in respect of non-equity financial instruments (RTS 2)

Level 3 Regulation: No information available

Topic: Non-equity transparency

Subject Matter: Post-trade deferral regime for bonds, ETCs, ETNs and SFPs under the draft RTS 2 published by ESMA on 16 December 2024

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Question

Submission Date: 24 April 2025

a. Regarding the new post-trade deferral regime categories 3 and 4 for bonds: Which of the following publications (i.e., price-deferred trade, volume-deferred trade or both) will be required to contain the flags ‘LLF3’ and ‘LIF4’? (Please see Draft RTS 2, paragraph 78 on page 29 and Annex II, Table III on page 160).

b. Regarding the new post-trade deferral regime for ETCs, ETNs and SFPs: Which of the following publications (i.e., price-deferred trade, volume-deferred trade or both) will be required to contain the flag ‘DEFF’? (Please see Draft RTS 2, Annex II, Table III on page 161).

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ESMA Answer

Answer Date: 24-04-2025

Dear Sir/Madam, Thank you for reaching out to ESMA. We intend to address your question via Level 3 Guidance in an upcoming revision of the Manual on transparency. Best regards, ESMA - Secondary Markets

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