The European Securities and Markets Authority (“ESMA”) has published two revised opinions in regards to the obligation of investment firms who trade on third country trading venues with respect to post-trade transparency and position limits under MiFID II/MiFIR.

The opinions state that, pending an ESMA assessment of third-country venues under the criteria in the two opinions, transactions on third-country trading venues do not need to be made post-trade transparent and/or positions held in those third-country venue contracts are not considered to be economically equivalent over-the-counter (EEOTC) contracts.

ESMA will carry out the determination of third-country trading venues and publish the results in the course of 2018.

Read the ESMA’s opinion on trading venues for the purpose of transparency

Read the ESMA’s opinion on trading venues for the purpose of position limits