On March 19, the European Securities and Markets Authority (ESMA) published a statement on the impact on the Markets in Financial Instruments Regulation (MiFIR) trading obligation for shares (TO) if the United Kingdom left the European Union on March 29 (Brexit) without a withdrawal agreement (no-deal Brexit) and without an equivalence decision for the United Kingdom made by the European Commission.
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On September 20, the European Securities and Markets Authority (ESMA) published a discussion paper (Discussion Paper) on mandatory trade execution obligations for derivatives under the Markets in Financial Instruments Regulation (MiFIR).

Articles 28 and 32 of MiFIR establish an obligation for certain over-the-counter (OTC) derivative transactions to be concluded on a regulated market, multilateral trading facility, organized trading facility or a trading venue in a third country that is declared equivalent under MiFIR (Trading Obligation).
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