ESMA · ESMA_QA_1560 Answer Published
Scope of the trading obligation for interest rate derivatives
- Regulation
- Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
- Topic
- Non-equity transparency
- Submitted
- 2018-03-28
- Answered
- 2018-03-28
Question
Does the trading obligation for derivatives as specified in Commission Delegated Regulation (EU) 2017/2417 apply to non-par swaps?
Answer
[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.
This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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