On 28 March 2018 in the answer to the Question 12 (non-equity transparency, Questions and Answers on MiFID II and MiFIR transparency topics, ESMA70-872942901-35) ESMA explained that the trading obligation for derivatives as specified in Commission Delegated Regulation 2017/2417 does not apply to non-par swaps.




According to the ESMA, the trading obligation for derivatives only applies to interest rate swaps as specified in table 1-3 of the said Regulation that are traded at par.

Non-par swaps, including swaps traded at market-agreed-coupon (MAC), are currently not subject to the trading obligation for derivatives.