The ESRB has published its opinion on the temporary exclusion of ETDs from Articles 35 and 36 of MiFIR. The European Commission is required to report on this matter by 3 July 2016, which must be based on a risk assessment carried out by ESMA in consultation with the ESRB. Depending on its conclusions, the Commission may adopt a delegated act to exempt ETDs from the scope of Articles 35 and 36 of MiFIR for up to 30 months following the date MiFIR enters into force. In its opinion, the ESRB concludes that there are no clear arguments in favour of or against a temporary exclusion and proposes that ESMA takes into account the macroprudential considerations set out in the opinion when it prepares the report to the Commission.