Q&A · ESMA

Post-trade deferral regime for bonds, ETCs, ETNs and SFPs under the draft RTS 2 published by ESMA on 16 December 2024

Awaiting answer

Read the official text on the ESMA website(opens in a new tab)

AI-generated Summary

Asks which deferred publications (price-deferred, volume-deferred or both) must carry the new 'LLF3' and 'LIF4' flags for bonds, and the 'DEFF' flag for ETCs, ETNs and structured finance products, under ESMA's December 2024 draft RTS 2. The question has been published but not yet answered.

Details

Reference	ESMA_QA_2533
Issuer	ESMA
Published	24 Apr 2025
Submitted	24 Apr 2025
ESMA topics	Non-equity transparency

Provisions it relates to

Article 11 MiFIR · Deferred publication in respect of bonds, structured finance products or emission allowances
MiFIR
Inferred · 90%
MiFIR (whole act)
Explicit reference

Documents it refers to

RTSIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS 2 on transparency for bonds, structured finance products, emission allowances and derivatives: sets pre-trade transparency by trading system type, large-in-scale and size-specific-to-the-instrument thresholds, order management facility sizes, the liquidity assessment of each instrument class, and post-trade publication content and deferral regimes. Amended several times, notably by Delegated Regulations 2021/529, 2022/629, 2023/945 and 2025/1246.