FIA and ISDA submitted a joint response to the European Securities and Markets Authority’s (ESMA) consultation on the review of the MiFID II/MiFIR transparency regime for non-equity instruments and the derivatives trading obligation.
The response focuses on member views with respect to data harmonization, to the assessment of liquidity of sub-asset classes and the calibration of SSTI (Size Specific to the Instruments) and Large in Scale (LiS) transparency waivers and a review of the methodology used to determine the liquidity thresholds applied to commodity derivatives under ESMA RTS 2.
The Associations support a refit-style approach to MiFID that would clarify remaining uncertainties and ensure a meaningful level of pre- and post-trade transparency.
