The European Banking Federation (EBF), together with the International Swaps and Derivatives Association (ISDA), the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA), published a paper responding to proposals on post-trade transparency (PTT) under the Markets in Financial Instruments Regulation (MiFIR) within the European Commission’s (EC) Market Integration and Supervision Package. The paper supports the EC’s proposal to remove forward rate agreements and basis swaps from the scope of public transparency, citing their illiquidity. It also backs disapplying MiFIR PTT requirements for over-the-counter derivatives concluded on certain third-country trading venues, which would supersede an existing European Securities and Markets Authority (ESMA) opinion. At the same time, it calls on the EC and co-legislators to extend the approach by disapplying PTT across all asset classes currently subject to PTT and by disapplying PTT to transactions executed outside trading venues when made public via suitably qualified third-country approved publication arrangements.
European Banking Federation 2026-04-07
European Banking Federation and industry associations publish paper backing targeted MiFIR post-trade transparency carve-outs and urging broader exemptions
The European Banking Federation, International Swaps and Derivatives Association, Association for Financial Markets in Europe and International Capital Market Association published a paper responding to the European Commission’s post-trade transparency proposals under MiFIR. It supports excluding forward rate agreements and basis swaps from public transparency and disapplying MiFIR post-trade transparency for OTC derivatives on certain third-country venues, while urging that these disapplications be extended across all asset classes and to transactions executed outside trading venues when reported via suitably qualified third-country approved publication arrangements.