The European Securities and Markets Authority sought input on how it should best implement the trading obligation for over-the-counter derivatives as contemplated in the Markets in Financial Instruments Regulation (Click here to access Article 32(1).) ESMA believes that the earliest date any trading obligation can be implemented is January 3, 2018, the first date of application of MiFIR. Moreover, ESMA considers that any trading obligation should be aligned with the relevant clearing obligation. Thus, because different categories of counterparties will have different phase-in schedules before they are subject to mandatory clearing for different classes of OTC derivatives, no trading obligation should apply before a respective counterparty is subject to a clearing obligation, proposed ESMA. This will likely necessitate a phase-in over time of the trading obligation, ESMA contemplated. ESMA will accept comments through November 20, 2016. (Click here for further information on ESMA's mandatory trade execution obligations in the article "ESMA Publishes Discussion Paper on Mandatory Trade Execution Obligations for OTC Derivatives Under MiFIR" in the September 23, 2016 edition of Katten Muchin Rosenman LLP's Corporate and Weekly Financial Digest.