Assessment of third-country venues under MiFID II and MiFIR
The post-trade transparency requirements in MiFIR require EU investment firms to make information on transactions in financial instruments traded on a trading venue (ToTV) public through approved publication arrangements (APA).
ESMA published an opinion to clarify whether this obligation applies also to transactions concluded on a third-country trading venue (“the transparency opinion”).
Similarly, MiFID II requires competent authorities to set position limits in commodity derivatives traded on a trading venue. ESMA issued an opinion to clarify whether commodity derivatives traded on a third-country venue should be counted towards the EU position limit regime (“the position limits opinion”).
Transparency opinion
ESMA’s opinion determining third-country trading venues for the purpose of transparency under MiFIR includes an annex with the list of venues which meet the relevant criteria as listed in the opinion. This annex is available below.
| Files | Last Published |
|---|---|
| [Annex - list of venues] | [12/02/2024] |
| [Guidance on the annex] | [14/03/2022] |
| [Delegation Decision] | [06/11/2020] |
Position limit opinion
ESMA’s opinion determining third-country trading venues for the purpose of position limits under MiFID II includes an annex with the list of venues which meet the relevant criteria as listed in the opinion. This annex is available below.
| File | Last Published |
|---|---|
| [Annex - list of venues] | [27/10/2020] |
| [Delegation Decision] | [26/09/2018] |
UK Venues
ESMA has clarified its approach regarding the assessment of UK venues in a Statement published on 1 October 2020 and has finalised the assessment of UK venues. UK venues have been included in the respective annexes on 27 October 2020 with an application date of 1 January 2021.
Future updates
Request for assessment of additional third-country trading venues
ESMA remains open to assess additional third-country trading venues, should they have EU market participants which consider that such assessment would be relevant. The assessment is relevant for third-country trading venues which have EU market participants and trade instruments which are also traded on a European trading venue (ToTV instruments). Please contact TCTV-secondary-markets@esma.europa.eu for further information on the process.