ESMA has published a consultation paper on draft RTS regarding the treatment of package orders under MiFID II. ESMA is required to establish a methodology for determining whether there is a liquid market for a package order as a whole, assessing in particular whether packages are standardised and frequently traded. The methodology proposed in the consultation is based on qualitative criteria and ESMA has developed asset-class specific criteria for interest rate derivatives, equity derivatives, credit derivatives and commodity derivatives. Packages in asset classes for which no asset-class specific criteria exist are considered not to have a liquid market as a whole. Comments are invited by 3 January 2017.