Industry expects fresh guidance on Mifid swaps transparency

Firms might need time to change their systems if Esma alters May 2017 guidance significantly

Tightrope lack of guidance
Seeking clarity: market participants are awaiting guidance from Esma on OTC derivatives, particularly on TOTV

Market participants expect the European Securities and Markets Authority to publish further guidance on the scope of over-the-counter derivatives subject to post-trade reporting requirements under new market rules in the European Union.

The expectation has been building ever since an Esma representative indicated the regulator would provide further information on how to determine if an instrument is traded or admitted to trade on a trading venue, during a webinar on November 17.

“It was

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