ESMA has published an Addendum Consultation Paper to implementing rules for MiFID II/MiFIR, covering the following non-equity asset classes: (1) foreign exchange derivatives; (2) credit derivatives; (3) other derivatives; and (4) contracts for difference (CFDs). The paper gives an analysis of the definition of a liquid market, and of calculations for pre-trade and post-trade transparency thresholds.

The last section of the paper sets out draft regulatory technical standards for transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives

Read "Addendum Consultation Paper: MiFID II/MiFIR" (PDF)