EU · MiFIR · TITLE V DERIVATIVES

Article 32 MiFIRTrading obligation procedure

In force

Read the official text on EUR-Lex(opens in a new tab)

AI-generated What this provision does

Sets the procedure for the derivatives trading obligation: ESMA RTS determine which classes of derivatives subject to the EMIR clearing obligation must trade on venues and from when, provided they are traded on at least one venue and are sufficiently liquid based on trade frequency and size, participants and spreads. ESMA also identifies further classes on its own initiative and reviews the RTS when criteria change.

Amendments and application dates

Amending act	Change	Applies from
Regulation (EU) 2024/791	Text amended; Text inserted	28 Mar 2024

Level 2: delegated and implementing acts

RTSIn forceLegal basis
Commission Delegated Regulation (EU) 2022/749 of 8 February 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/2417 as regards the transition to new benchmarks referenced in certain OTC derivative contracts
European Commission · 17 May 2022 · EUR-Lex
AI summaryAmends RTS 2017/2417 to remove OTC interest rate derivative classes referencing GBP LIBOR and USD LIBOR from the derivatives trading obligation, following LIBOR's cessation and their removal from the EMIR clearing obligation.
RTSIn forceLegal basis
Commission Delegated Regulation (EU) 2017/2417 of 17 November 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the trading obligation for certain derivatives
European Commission · 22 Dec 2017 · EUR-Lex
AI summaryRTS declaring which classes of OTC interest rate derivatives (fixed-to-float swaps in EUR, USD and GBP and certain tenors) and index CDS (iTraxx Europe Main and Crossover) are subject to the MiFIR derivatives trading obligation, and the dates from which it applies. The LIBOR-referencing classes were later removed by Delegated Regulation 2022/749.
RTSIn forceLegal basis
Commission Delegated Regulation (EU) 2016/2020 of 26 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation
European Commission · 19 Nov 2016 · EUR-Lex
AI summaryRTS setting the criteria ESMA uses to decide whether derivatives subject to the EMIR clearing obligation are liquid enough to be subject to the MiFIR trading obligation: average frequency and size of trades, number and type of active market participants, and average size of spreads.

Level 3: ESMA Q&As, guidelines and opinions

OpinionPublishedESMA rulebook
ESMA70-156-117: Opinion OTC derivatives traded on a trading venue
ESMA · the ESMA website
AI summaryESMA opinion (ESMA70-156-117) on when an OTC derivative counts as 'traded on a trading venue' (TOTV) for MiFIR transparency, transaction reporting and reference data: only where it shares the same reference data details as a derivative traded on a venue, as identified by its ISIN; ESMA will monitor how the concept is applied.

Commentary

No law-firm commentary is linked to this provision yet.

219 more documents relate to MiFIR as a whole without naming an article.

UK counterpart

Article 32 UK MiFIR · Trading obligation procedure
UK MiFIR
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit reference
EU changes after exit: Regulation (EU) 2024/791 (from 28 Mar 2024). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.

Version history

From 28 Mar 2024
From 2 Jul 2014 to 28 Mar 2024

Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.