ESMA: MiFID II/ MiFIR review report on the transparency regime for non-equity instruments and the trading obligation for derivatives

ESMA has published a consultation setting out proposals for possible amendments to the transparency regime based on analysis of the effects of the current regime since January 2018. It also reports on the impact of the newly established trading obligation for derivatives and the progress made in moving trading in standardised OTC derivatives to exchanges or electronic trading platforms. In addition to the Level 1 review, ESMA has included Level 2 review with regard to the transparency regime in RTS 2. There are also proposals in relation to commodity derivatives. Responses are required by 19 April 2020.