The Presidency has published an update on the state of play of the negotiations on the revised Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR). It notes outstanding negotiating issues on standardised derivatives and the clearing obligation, the rules for Organised Trading Facilities (OTFs) and transparency. It has also published two sets of new compromise texts, dated 7 and 12 November respectively. The first MiFIR compromise deleted the definition of OTC trading and included new provisions on deferred publication of information related to bonds, structured products, emissions allowances and derivatives where there is not a liquid market. The compromise text for MiFID 2 clarified the conditions for an OTF operator to use proprietary capital in fulfilling clients' orders. New provisions on third country trading venues and third country legal and supervisory equivalence were added on the MiFID 2 7 November compromise only to be deleted in the 12 November version. (Source: Council Updates on MiFID State of Play, MiFID 2 Compromise 7 November, MiFIR Compromise 7 November, MiFID Compromise 12 November and MiFIR Compromise 12 November)