Yesterday, ESMA published this statement, providing an update on the matter of financial trading venues’ compliance with the MiFIR pre-trade transparency rules. This follows a briefing published in June that advised that venues where commodity derivative instruments were traded did not qualify for a waiver from the rules and so would be required to comply (see here). It required that the affected venues comply by December 2019.

Yesterday’s statement names two UK based venues as not yet being in compliance and gives ESMA’s understanding of the plans for compliance. It encourages the UK’s FCA to take measures to ensure that the venues comply. However, according to this article on the City AM web site, the FCA have stated that they do not share the view that the venues are not taking appropriate measures to comply and that they “want to ensure that implementation happens in such a way so as not to disrupt trading”.