On June 12, 2020, ISDA and FIA submitted their joint response to the European Securities and Markets Authority’s (ESMA) consultation on the review of the MiFID II/MiFIR transparency regime for non-equity instruments and the derivatives trading obligation. In the response, ISDA and FIA outline their members’ views with respect to data harmonization, to the assessment of liquidity of sub-asset classes and the calibration of SSTI (Size Specific to the Instruments) and Large in Scale (LiS) transparency waivers and a review of the methodology used to determine the liquidity thresholds applied to commodity derivatives under ESMA RTS 2.