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---
title: "ESMA Q&A 2533 — Q&A — Post-trade deferral regime for bonds, ETCs, ETNs [Question Published]"
shortTitle: "ESMA Q&A 2533 — Q&A — Post-trade deferral regime for bonds, ETCs, ETNs [Question Published]"
answer_id: ESMA_QA_2533
topic: "Non-equity transparency"
status: "Question Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: pending
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "Draft RTS 2 as published by ESMA on 16 December 2024"
date: 24 April 2025
source_link: https://www.esma.europa.eu/publications-data/questions-answers/2533
lifecycle: "Question Published"
text_version: "ESMA Q&A register, 24 April 2025"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/2533"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "not stated in the document"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA_QA_2533"
    locator: "ESMA Q&A entry ESMA_QA_2533: no answer; no author named"
document_type: "qa_question"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  question_submitted_on: "2025-04-24"
  locators:
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_2533, column 'Date of submission'"
lifecycle_label: "Question Published"
---

**Question published in the ESMA Q&A tool · no answer · not legislation [Question Published]**

*Question Published · ESMA Q&A register, 24 April 2025 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2533)*

| | |
|---|---|
| **Full title** | ESMA Q&A 2533 — Q&A — Post-trade deferral regime for bonds, ETCs, ETNs \[Question Published\] |
| **Prepared by** | Not stated in the document |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_2533 |
| **Document type** | Q&A |
| **Legal nature** | No answer · not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Question submitted 24 April 2025 |
| **Legal basis** | Draft RTS 2 as published by ESMA on 16 December 2024 |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Post-trade deferral regime for bonds, ETCs, ETNs and SFPs under the draft RTS 2 published by ESMA on 16 December 2024**

### Question

a. Regarding the new post-trade deferral regime categories 3 and 4 for bonds: Which of the following publications (i.e., price-deferred trade, volume-deferred trade or both) will be required to contain the flags ‘LLF3’ and ‘LIF4’? (Please see Draft RTS 2, paragraph 78 on page 29 and Annex II, Table III on page 160).

b. Regarding the new post-trade deferral regime for ETCs, ETNs and SFPs: Which of the following publications (i.e., price-deferred trade, volume-deferred trade or both) will be required to contain the flag ‘DEFF’? (Please see Draft RTS 2, Annex II, Table III on page 161).

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2533)