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ESMA Q&A 1561 — Q&A — Scope of Article 9(1)(c) of MiFIR [Published Answer Updated]

Financial servicesLevel 3Q&AMiFIRAnswer updatedOfficial source

Scope of Article 9(1)(c) of MiFIR

Question

What types of derivatives can benefit from the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR?

Answer

OTC derivatives specified in Article 8a(2) of MiFIR that are both (i) not subject to the trading obligation as referred to in Article 28 of MiFIR and (ii) for which there is not a liquid market and other derivatives for which there is not a liquid market can benefit from the pre-trade transparency waiver set out under Article 9(1)(c) of MiFIR.

Source: ESMA original document