One trade a day is not a liquid market, Isda argues

Industry body says 15-40 trades per day should be rough benchmark of liquidity for Mifid

Esma - regulator has to set liquidity thresholds

The first shots were fired yesterday in what promises to be a tense battle over the definition of liquidity in Europe's over-the-counter derivatives market. Only swaps that trade multiple times a day should be considered liquid, according to the International Swaps and Derivatives Association – regulators have implied even instruments that trade only once every other day might count.

The debate is important because liquidity plays a crucial role in the Markets in Financial Instruments Directive

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