​Daily Bulletin: Tuesday March 3

Flow on the listed market was subdued today, as some investors were left scratching their heads over a conflux of low implied volatility and the upcoming U.S. jobs report expected Friday. The two elements are making taking a position a little difficult, especially as past good job and wage growth numbers aren’t necessarily translating into higher spending. In Europe, ISDA is looking at ESMA rules that could affect the equity derivatives markets there. Options proposed by ESMA under the Markets in Financial Instruments Directive II to define liquid asset classes for equity derivatives need a significant greater level of granularity, while the regulator needs to distinguish more clearly between exchange-traded equity derivatives and over-the-counter equity derivatives, according to the industry association.