The European Securities and Markets Authority (ESMA) has updated its MiFID II questions and answers documents (Q&As) on transparency issues under MiFID II and MiFIR.

The pre-trade transparency waivers section in the Q&As has been updated to include answers to the following questions:

• Are “pre-arranged” or “negotiated” transactions permitted for transactions in non-equity instruments and in particular for derivatives that are subject to the MiFIR trading obligation?
• How should the minimum size of orders held in an order management facility of a trading venue pending disclosure be calculated for non-equity instruments?

View ESMA updates its MiFID II Q&As on transparency and market structures, 7 February 2018