On 26 July, AIMA submitted a response to the ESMA Consultation Paper on the trading obligation for derivatives under MiFIR. The Consultation follows an earlier Discussion Paper to which AIMA submitted a response and relates to the implementation of the MiFIR venue trading obligation for derivatives that are sufficiently standardised and liquid. The response to the Consultation is supportive of the developments ESMA has made since the previous Discussion Paper and: reiterates our preference for global consistency where possible;  proposes that certain additional tenor USD IRS contracts may be liquid; supports ESMA’s decision to obtain information from trading venues, and reiterates our suggestion to go also to CCPs and US SDRs for data;  and supports the entry into effect of the trading obligation for Category 1 and 2 counterparties at the same time, but suggests a delay until June 2018. If members have any questions or comments, please contact Adam Jacobs-Dean, Oliver Robinson or Adele Rentsch.