Do not jeopardise derivatives transactions via transparent platforms
In the context of a consultation "Trading venue parameter" of the European Securities and Markets Authority ESMA, we opposed subjecting digital trading platforms used by non-financial companies to conclude their derivatives to MiFID rules. Non-financial companies would run the risk of being considered financial institutions themselves in the event of MiFID licensing of the platforms. This would result in numerous additional requirements for the companies, including the clearing obligation under the derivatives regulation EMIR. Non-financial companies would avoid these platforms in the case of a MiFID licence, which contradicts the legislative will to steer derivatives trading to transparent platforms.