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Assessing the practical impacts of the EU derivatives trading obligation

Author

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  • Øverland, Elisabeth

Abstract

Derivatives trading obligations represent one of a number of types of obligations that will fundamentally change the over-the-counter (OTC) derivatives markets. Global regulatory change is underway to implement G20 commitments. In the European Union (EU), this is primarily taking place through the Markets in Financial Instruments Regulation and the European Market Infrastructure Regulation. Although there are clear commonalities between the EU and other third-country regimes, market participants may face challenges when complying with multiple trading obligation regimes unless equivalence decisions are made that recognise compliance with third-country regimes or allow the execution of transactions on third-country venues. While the trading obligation in the EU will not come into force until 2018, market participants may want to engage with relevant consultation processes and regulators to reduce the risk of market fragmentation and a negative impact on liquidity.

Suggested Citation

  • Øverland, Elisabeth, 2016. "Assessing the practical impacts of the EU derivatives trading obligation," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 8(3), pages 238-247, August.
    • Handle: RePEc:aza:jsoc00:y:2016:v:8:i:3:p:238-247
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    More about this item

    Keywords

    derivatives; OTC; trading obligation; MiFID; MiFIR;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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