ESMA has published a discussion paper on the trading obligation for derivatives under MiFIR. Under Article 32(1) of MiFIR, every time a class of derivatives is declared subject to the clearing obligation under EMIR, ESMA must produce draft RTS stating whether that class of derivatives should also be subject to the MiFIR trading obligation and, if so, the date or dates from which that obligation takes effect. ESMA is seeking views on how to calibrate the trading obligation and the paper includes options on how to determine the trading obligation by applying both the Article 32 tests, namely the venue test and the liquidity test. Comments are invited by 21 November 2016.