ESMA - Update on assessment of third-country trading venues for the purpose of post-trade transparency and position limits

Following the publication of two opinions for post trade transparency and position limits, ESMA received requests to assess more than 200 third-country trading venues (TCTVs) against the criteria set out in these opinions. ESMA, to date, has not reviewed a sufficient number of  TCTVs to publish a comprehensive list. ESMA considers it important that all TCTVs receive the same treatment in order to maintain a level playing field, so will delay publication of the lists until a more significant number of TCTVs have been assessed.

Consequently, pending the publication of the lists, investment firms do not have to make public their transactions concluded on TCTVs via an approved publication arrangement (APA). Commodity derivatives contracts traded on TCTVs are not considered as economically equivalent over-the-counter (EEOTC) contracts for the purpose of the position limit regime.