Response to ESMA Guidelines on the application of C6 & C7 of Annex I MiFID

We agree with ESMA that there are a number of issues with regard to the uniform application of C6 (and C7). We believe that ESMA must consider the sudden appearance of “non-MTF” platforms in relation to the entry into force of EMIR.

Given that certain NCAs have confirmed them not to be MTFs and hence to remain outside the scope of financial regulation, the current C6 MiFID financial instrument definition does not apply to the products traded on them. We urge ESMA to provide clarity on those contracts concluded on “non-MTFs” which do not constitute either Exchange Traded Derivatives (ETDs) or OTC traded derivatives in relation to EMIR.