On 20 December 2018, the European Securities and Markets Authority (ESMA) published an update on its assessment of third-country trading venues (TCTVs) for the purpose of post-trade transparency and position limits under MiFID II and MiFIR. However, it also states that to date it has not reviewed enough TCTVs to publish a comprehensive list. To ensure that all TCTVs receive the same treatment, and to maintain a level playing field, ESMA intends to delay publishing the list until a more significant number have been assessed. ESMA confirms that pending publication of the lists, investment firms do not have to make public their transactions concluded on TCTVs via an approved publication arrangement. ESMA also states that commodity derivative contracts traded on TCTVs are not considered as economically equivalent over-the-counter contracts for the purpose of the position limit regime.

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