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European Union

EU MiFIR derivatives trading obligation: scope, FCs/NFC+s, EMIR clearing link, in-scope products, venues, packages, suspension powers and post-trade risk reduction exemption (MiFIR Review 2024)

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Practice notes
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Trading obligation for derivatives under the Markets in Financial Instruments Regulation (EU) 600/2014 (EU MiFIR)

This Practice Note outlines the derivatives trading obligation under EU MiFIR, alongside the recast Markets in Financial Instruments Directive 2014/65/EU (EU MiFID II), which came into force on 3 January 2018, and considers:

  1. the regulatory framework underpinning the trading obligation,
  2. the categories of in-scope counterparties (specified financial counterparties and certain non-financial counterparties),
  3. the prerequisite that any derivative deemed subject to the trading obligation must already be within the clearing obligation under the European Market Infrastructure Regulation (EU) 648/2012 (EU EMIR),
  4. the derivative types that fall under the trading obligation,
  5. the approach to package orders or transactions,
  6. the exemption available for post-trade risk reduction services,
  7. the recognised trading venues on which these derivatives must be executed (regulated markets, multilateral trading facilities (MTFs), organised trading facilities (OTFs) and equivalent third country venues),
  8. the changes to the trading obligation for derivatives introduced by Regulation (EU) 2024/791 (the MiFIR Review)...
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Web page updated on 21/05/2026

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