FESE：2025年对ESMA衍生品透明度咨询的回应报告（英文版）

FESE is in favour of moving towards a more static definition of liquidity to simplify the regime. In some cases, exchanges already apply higher LIS thresholds for pre-trade transparency, as the liquidity aspect of certain asset classes is deemed satisfactory. Overall, this increases market transparency. We note that ESMA has clarified the limitations of its Level 1 mandate and welcome the resulting legal certainty regarding the scope of pre-trade transparency obligations. FESE strongly suppor