Implementing Decision Adopted Regarding US Trading Venues Under MiFIR


On December 5, 2017, an Implementing Decision was adopted by the European Commission which recognized certain US trading venues under MiFIR.

The Implementing Decision outlined that the European Commission considers US designated contract markets and swap execution facilities as equivalent to trading venues as defined in the MiFID II Directive.

As well as the decision, which is available here, the European Commission and the Commodity Futures Trading Commission (“CFTC“) issued a joint statement which confirmed the ability of EU counterparties to trade derivative instruments which are subject to EU trading obligations on the markets and facilities referred to above.

The joint statement also outlined that the CFTC have recommended to the European Commission that an order of exemption from SEF registration requirements is authorized in the EU.

The joint statement is available here.