INTERNATIONAL: Concurrent Adoption of Equivalence Decision for Certain Derivatives Trading Venues in the EU and Singapore

Monday April 1 2019

On 1^st April 2019, the European Commission recognised a number of Singapore trading venues authorised by the Monetary Authority of Singapore (MAS) as eligible for compliance with the EU trading obligation for derivatives. This decision will allow EU counterparties, essentially EU investment banks that operate as swap dealers in Asia, to comply with their EU trading obligation under the Markets in Financial Instruments Regulation (MiFIR) and in line with the G20 reforms for standardised derivatives when executing derivatives transactions with counterparties in Singapore.

MAS also adopted regulations to exempt certain EU Multilateral Trading Facilities and Organised Trading Facilities from MAS’ marketing licensing requirements. Singapore participants can trade with EU counterparties on such trading venues in compliance with Singapore’s trading obligations.

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