Opinion On the treatment of packages under the trading obligation for derivatives

ESMA opinion (ESMA70-156-322) that, for packages including a derivative subject to the MiFIR trading obligation, authorities should expect execution on a trading venue only for packages whose components are all subject to the trading obligation, or the trading and clearing obligations, or an interest rate swap subject to the trading obligation paired with government bonds in the same currency (spread-overs); ESMA may revisit this.