The European Securities and Markets Authority (ESMA) recently published updated opinions on post-trade transparency and position limit under MiFID II and MiFIR and annexed lists covering the post-trade transparency assessment results of 207 third-country trading venues (TCTVs) and position limit assessment results of 8 TCTVs (https://www.esma.europa.eu/assessment-third-country-venues-under-mifid-ii-and-mifir). Based on its assessment, ESMA has concluded that Zhengzhou Commodity Exchange (ZCE) meets all the relevant criteria and is therefore added to the positive lists concerning TCTVs’ post-trade transparency assessment and position limit assessment. European Union investment firms concluding transactions on TCTVs included in the post-trade transparency positive list are relieved from the obligation to make those transactions post-trade transparent via an approved publication arrangement (APA). Commodity derivatives traded on TCTVs included in the position limit positive list should not be considered as economically equivalent OTC contracts for the purposes of EU’s position limit regime.

       In recent years, under the leadership of the CSRC, ZCE has been benchmarking itself to international principles and best practices, and continuously improving its capability to serve investors at home and abroad. Next, ZCE will continue to follow the latest international standards and enhance its global presence, thus contributing to the further opening-up of China’s futures market.