Article summary
The International Capital Market Association (ICMA) and The International Swaps and Derivatives Association (ISDA) have both responded to the European Securities and Markets Authority (ESMA)’s consultation on trading venue perimeter. ICMA’s response clarified its member’s interpretation of the definition of multilateral system and the key characteristics required for an entity to be authorised or not authorised as a trading venue. ISDA’s response stressed the need to differentiate between systems allowing for multiple bilateral interactions, such as communication platforms, and multilateral systems which set the rules of trading and should be required to acquire trading venue authorisation.
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