ESRB has responded to ESMA on the temporary exclusion of exchange-traded derivatives (ETDs) from Articles 35 and 36 of MiFIR. The response considers the macroprudential considerations relevant to any determination and concludes the balance between the different financial stability implications, in the light of the relevant risk containment measures, does not suggest significant macroprudential risks or benefits that would clearly argue either in favour of or against a temporary exclusion of ETDs from Articles 35 and 36 of MiFIR. (Source: ESRB Responds on Temporary MiFID Exclusion)