MiFIR: ESMA publishes final draft RTS on derivatives trading obligation

The European Securities and Markets Authority (ESMA) has published its final draft regulatory technical standards (RTS) implementing the trading obligation (TO) for derivatives under MiFIR.

The draft RTS specify the TO for classes of fixed-to-float single currency interest rate swaps (IRS) and index credit default swaps (CDS) to be traded on-venue, and sets out the date from which the TO applies, including a phased-in approach for certain categories of counterparty.

The draft RTS have been submitted to the EU Commission for endorsement, with 3 January 2018 maintained as the expected date of application.