Q&A · ESMA

Clarification as regards to Perpetual features

Rejected

Read the official text on the ESMA website(opens in a new tab)

AI-generated Summary

Asked whether perpetual futures offered by a Cyprus investment firm through an EU MTF fall within the 'other derivatives' (C10) category and what leverage limits apply. ESMA rejected the question, so there is no answer.

Details

Reference	ESMA_QA_2604
Issuer	ESMA
Published	8 Jul 2025
Submitted	8 Jul 2025
ESMA topics	Product governance

Provisions it relates to

Annex I MiFID II · LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTS
MiFID II
Inferred · 75%
MiFID II (whole act)
Explicit reference

Documents it refers to

Delegated actIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryThe main MiFID II Delegated Regulation: defines key terms (such as investment advice, systematic internaliser, algorithmic and high-frequency trading, and direct electronic access) and sets detailed organisational requirements and operating conditions for investment firms, including compliance, conflicts of interest, remuneration, client information, suitability and appropriateness, best execution, client order handling, reporting to clients, record keeping and transaction-level obligations.