ISDA Focus: MiFID

The European Commission published legislative proposals on October 20, 2011 as part of its review of the existing European Markets in Financial Instruments Directive (MiFID). The draft legislation includes rules on trading platforms, transparency and investor protection.

The overarching objective of the original MiFID framework was to further the integration, competitiveness and efficiency of European financial markets. ISDA supports changes that build on that goal, including the introduction of an effective post-trade transparency regime for OTC derivatives.

On this page you can find materials that set out ISDA’s position on the MiFID review. To listen to recent Member Calls on the directive, login to the Members Portal here.

ISDA is also closely involved in the work of the Joint Associations Committee on Retail Structured Products (JAC), which is following the elements of the MiFID Review that impact on the market for retail structured products.  Please see:  http://www2.isda.org/asset-classes/structured-products


DateTitle / DescriptionDocuments
July 31, 2014
JAC response to the ESMA CP on MiFID II/MiFIR
On July 31, the Joint Associations Committee on Retail Structured Products (JAC) responded to the ESMA consultation paper on MiFID II/MiFIR. This response addresses questions from the consultation that are specific to retail structured products; it was submitted alongside the ISDA response to the ESMA CP & DP addressing other questions from the ESMA consultation.
JAC MiFIR response.pdf
July 31, 2014
ISDA response to the ESMA DP and CP on MiFID II/MiFIR
On July 31, ISDA responded to the ESMA discussion paper and consultation paper on MiFID II/MiFIR. The executive summary signposts the key issues which include our recommendations on the assessment of liquidity, commodity derivatives markets, transaction reporting, systematic internalisers and indirect clearing.
ISDA MiFID DP Submission.pdf ISDA MiFID CP Submission.pdf
September 24, 2013
ISDA/FOA response to the European Commission re. MiFID – Article 59 – Position limits and position management controls
On September 24, ISDA & FOA responded to the European Commission (MT Fabregas Fernandez), to the Rapporteur at the Parliament (M. Ferber) & to the Lithuanian presidency and to key Council members regarding MiFID – Article 59 – Position limits and position management controls: Definition of the hedging exemption. This paper to aims to ensure that:1) the definition of the hedging exemption benefits all market participants and does not discriminate between financial and non-financial firms; 2) the hedging purpose of the transaction is subject to further clarifications by ESMA.
20130924_position_limits_hedging_exemption.pdf
August 21, 2013
ISDA, EFET, FOA & GFMA joint response to the European Commission regarding the definition of financialinstruments under MiFID II
ISDA – EFET – FOA – GFMA joint response to the European Commission, European Parliament, Lithuanian Presidency regarding the definition of financial instruments under MiFID II, in particular the wording in Annexe 1, Section C6 of the Council’s compromise text adopted by ECOFIN on June 21 2013.
EFET_FOA_GFMA _ISDA_MIFID_scope_financial_instruments.pdf
July 19, 2013
ISDA, EFET & FOA commentary on MiFID – Article 59 – Definition of appropriate position limits - ESMA level 2 work
ISDA – EFET – FOA commentary on MiFID – Article 59 – Definition of appropriate position limits - ESMA level 2 work
20130719_MiFID_position_limits.pdf
December 5, 2012
ISDA, FOA & EFET paper on MiFID – Article 59 – Position limits and checks: Definition of appropriate position limits
ISDA, FOA & EFET paper on MiFID – Article 59 - following the G20 commitment to improve the regulation, functioning, and transparency of financial and commodity markets to address excessive commodity price volatility, position management versus position limits has been a much debated issue.
20121205_ISDA_EFET_FOA_MiFID_position_limits.pdf
October 29, 2012
ISDA Comments on the European Parliament vote on the Markets in Financial Instruments Directive (MiFID)
Press Release
ISDA Comments on the European Parliament vote on the Markets in Financial Instruments Directive (MiFID).pdf
October 16, 2012
Understanding the role of the MiFID2/MiFIR ‘OTC’ category
This paper explains the nature and importance of the MiFID ‘OTC’ category.
The role of OTC under MiFID - Oct 2012.pdf
October 11, 2012
Accommodating large-in-scale derivatives transactions under MiFID2/MiFIR
This paper explains the importance of accommodating large-in-scale derivatives transactions under MiFID2/MiFIR
Large in scale deriv transactions - Oct 2012.pdf
September 11, 2012
ISDA Commentary on 31 August Presidency Compromise Texts on MiFID2/MiFIR
This paper has been produced by ISDA in order to help inform on-going European Council discussions on MiFID2/MiFIR.
Comment on 1st CY compromise texts - Sep 2012.pdf