# How Do Post-Trade Deferrals Differ between Equity and Non-Equity Asset Classes? ▴ Question

**Published:** 2025-08-03
**Categories:** Question

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## Concept

The architecture of modern financial markets is built upon a foundational principle of informational equilibrium. Post-trade transparency, the [public dissemination](https://prime.greeks.live/question/could-excessive-dark-pool-trading-volume-destabilize-the-primary-public-exchanges/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of transaction data, serves as the bedrock of this system, facilitating price discovery and ensuring market integrity. Within this architecture, however, exists a critical, calibrated mechanism known as [post-trade deferral](https://prime.greeks.live/area/post-trade-deferral/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

This system of delayed publication is an engineered solution to a fundamental market conflict ▴ the need for transparency versus the operational necessity of protecting liquidity providers from undue risk, particularly when they absorb large, market-moving positions. The core differentiation in how deferrals are applied to equity and [non-equity asset classes](https://prime.greeks.live/area/non-equity-asset-classes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a direct reflection of the intrinsic structural properties of these instruments and the markets in which they transact.

Equity markets, particularly for large-capitalization stocks, are characterized by high levels of fungibility and centralized liquidity. A share of a specific company is identical to any other share of that same company, and trading is often concentrated on a few primary exchanges. This structural reality informs a [deferral regime](https://prime.greeks.live/area/deferral-regime/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) primarily calibrated by the size of a transaction relative to the instrument’s average daily trading volume. The system is designed to provide temporary shelter for a block trade that could otherwise create significant [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) if revealed instantaneously.

> Post-trade deferral is a structural market mechanism designed to balance the imperatives of public price discovery with the risk management needs of liquidity providers.

Conversely, non-equity asset classes, a vast category encompassing instruments like corporate bonds, sovereign debt, and derivatives, operate within a fundamentally different market structure. These markets are often decentralized, more reliant on bilateral negotiation (such as Request for Quote protocols), and characterized by a staggering diversity of instruments. Each [corporate bond](https://prime.greeks.live/area/corporate-bond/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) issuance is unique, with its own coupon, maturity, and covenant structure. An [interest rate swap](https://prime.greeks.live/area/interest-rate-swap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a bespoke contract between two parties.

This inherent lack of fungibility and the often-thinner liquidity profile for any single instrument necessitates a more nuanced and flexible deferral framework. The deferral rules in these markets are less about relative daily volume and more about the absolute size of the transaction and the specific liquidity characteristics of the instrument itself. The system acknowledges that unwinding a large position in a unique corporate bond presents a vastly different risk profile than unwinding a position in a highly liquid equity.

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## Strategy

The strategic application of post-trade deferrals is governed by regulatory frameworks that codify the distinct physical and liquidity characteristics of equity and non-equity instruments. These frameworks, such as [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in Europe and the rules set by FINRA and the [CFTC](https://prime.greeks.live/area/cftc/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the United States, provide the operational logic for when and how trade publication can be delayed. Understanding these strategic differences is paramount for any institution seeking to manage execution risk and optimize its interaction with the market’s microstructure.

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## The Core Dichotomy Liquidity and Fungibility

The foundational strategic difference originates from the market structure of each asset class. Equities, especially those listed on major exchanges, operate in a highly transparent and continuous environment. Their fungibility means liquidity is deep and concentrated.

The strategic challenge for a large equity trade is managing the temporary market impact. Therefore, the deferral strategy is time-based and volume-relative, designed to give the liquidity provider a short window to manage their inventory risk before the market fully digests the trade’s existence.

Non-equity instruments present a different strategic problem. A corporate bond or a structured derivative lacks the interchangeability of a common stock. Liquidity is fragmented and often episodic.

The risk for a dealer is not just temporary market impact, but the more profound challenge of finding offsetting interest for a unique, and potentially illiquid, instrument without suffering significant price degradation. Consequently, the deferral strategy for non-equities is longer in duration and based on absolute notional values and instrument-specific characteristics, granting the market maker the necessary time to prudently manage a more complex and prolonged risk.

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## Regulatory Frameworks a Tale of Two Philosophies

Different jurisdictions have developed distinct, though conceptually aligned, regulatory approaches. The Markets in Financial Instruments Directive II (MiFID II) in Europe provides a comprehensive, cross-asset class framework that explicitly delineates the rules.

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**Equities under MiFID II** deferrals are primarily granted for transactions classified as ‘Large in Scale’ (LIS) relative to the average daily turnover (ADT) of that specific stock. The [deferral period](https://prime.greeks.live/area/deferral-period/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is relatively short, often measured in minutes, reflecting the high velocity of the equity market.

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**Non-Equities under MiFID II** receive a more generous and complex deferral regime. Deferrals can be granted based on a transaction being LIS or ‘Size Specific to the Instrument’ (SSTI). The deferral periods are significantly longer, potentially extending to the end of the trading day or even longer, with options for publishing trades in aggregated form to further mask the specific details during the risk-management window. This acknowledges the lower frequency of trading and the bespoke nature of these products.

- 
**The US Fixed Income Regime ([FINRA TRACE](https://prime.greeks.live/area/finra-trace/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite))** governs the reporting of over-the-counter transactions in corporate and agency bonds. While the standard reporting timeframe is tight, the system has historically used dissemination caps, where the publicly reported size of a very large trade is capped at a certain value (e.g. $5 million for investment grade) to mask the full size. More recent pilot programs have explored introducing explicit time delays for block trades, acknowledging the liquidity risks for dealers.

- 
**The US Derivatives Regime (CFTC)** allows for delays in the public dissemination of block trades and large notional off-facility swaps. The logic is analogous to other non-equity classes ▴ providing time for the swap dealer to hedge or manage the significant, concentrated risk taken on through the bespoke contract before the full details are made public.

> The design of a deferral regime is a direct function of an asset class’s market structure, where fungibility and liquidity depth dictate the required duration of informational asymmetry.

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## What Governs the Deferral Calibration?

The calibration of these deferral mechanisms is a technical exercise in balancing market efficiency with market stability. For equities, the key metric is the Average Daily Turnover (ADT), which provides a dynamic, data-driven measure of an instrument’s liquidity. A trade’s size is compared to this benchmark to determine if it qualifies as “Large in Scale.” For non-equities, the calculation is more complex. Regulators establish fixed notional thresholds for different categories of bonds and derivatives.

These thresholds are reviewed periodically and are designed to capture transactions that would pose a significant risk to liquidity providers if disseminated in real-time. The goal is to set the bar high enough to prevent routine trades from being deferred, while ensuring that genuinely large and risky transactions receive protection.

### Table 1 ▴ Comparative Analysis of Post-Trade Deferral Regimes

| Parameter | Equities (MiFID II Example) | Non-Equity Bonds (MiFID II & FINRA TRACE) | Non-Equity Swaps (CFTC Example) |
| --- | --- | --- | --- |
| Primary Rationale | Mitigate short-term market impact from large, fungible block trades. | Allow risk management for large positions in unique, often illiquid instruments. | Provide time to hedge large, bespoke, and concentrated risk exposures. |
| Key Trigger | Transaction size relative to Average Daily Turnover (LIS). | Absolute notional size (LIS/SSTI thresholds) or dissemination caps. | Qualification as a “block trade” based on notional value thresholds. |
| Typical Deferral Period | Short (e.g. 60 minutes). | Longer (e.g. end of day, next day, or even weeks for very illiquid instruments). | Delayed dissemination for a specified period (e.g. 15 minutes or longer). |
| Information Published During Deferral | Potentially limited details, such as publication of an aggregated volume. | Can include aggregated data or omission of volume during the deferral period. | Anonymized, with full details published after the delay. |
| Governing Body Example | ESMA / National Competent Authorities (EU). | ESMA (EU), FINRA (US). | CFTC (US). |

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## Execution

The execution of a deferred trade publication is a precise, technology-driven process involving the trading firm, the trading venue or counterparty, and a regulated reporting entity. This operational workflow ensures that while public dissemination is delayed, the transaction is still captured and supervised by regulators from the moment of execution. The system is built on a foundation of clear rules, standardized data flags, and trusted third-party infrastructure.

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## The Operational Workflow of a Deferred Trade

From an operational standpoint, the lifecycle of a deferred trade follows a distinct pathway that diverges from a standard real-time reported transaction. This process is critical for both compliance and [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- 
**Trade Execution and Classification** Upon execution of a trade, the firm’s systems must immediately classify it. This involves checking the instrument type and the transaction size against the relevant regulatory thresholds (e.g. LIS or SSTI under MiFID II, or block size under CFTC rules). This classification determines whether the trade is eligible for deferred publication.

- 
**Reporting with Deferral Flags** The trade report is transmitted to the relevant Approved Publication Arrangement (APA) for equities and bonds, or a Swap Data Repository (SDR) for derivatives. This transmission happens as close to real-time as technologically possible. The report contains specific data flags indicating that the trade is subject to deferred publication and specifying the type of deferral being applied.

- 
**Risk Management Window** The deferral period begins. During this window, the liquidity provider (e.g. a systematic internaliser or dealer) can manage the risk of the large position it has taken on. This may involve sourcing offsetting liquidity from other participants or hedging parts of the position without the pressure of the entire market being aware of the initial large trade.

- 
**Controlled Public Dissemination** The APA or SDR is responsible for managing the publication schedule according to the rules. At the end of the deferral period, the full, un-redacted details of the trade, including price and volume, are made public. In some non-equity scenarios, the initial publication might be in an aggregated format, with the individual trade details published at a later stage.

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## How Do Approved Publication Arrangements APAs Handle Deferrals?

Approved Publication Arrangements are central to the execution of the deferral regime. These entities, authorized under MiFID II, act as the conduits for trade publication. When an investment firm reports a trade with a deferral flag, the APA’s system is programmed to interpret these instructions. It holds the trade data securely and releases it to the public at the precise moment the deferral period expires.

The APA must have robust systems to handle various deferral types, including complex scenarios like aggregated publication or the staggered release of transaction details. Their role is to ensure the market receives timely and accurate information while respecting the legitimate deferrals granted to market participants under the regulations.

> The operational execution of trade deferral relies on a standardized, automated workflow where transactions are flagged at the point of reporting and managed by regulated intermediaries like APAs and SDRs.

### Table 2 ▴ Hypothetical Deferral Scenarios

| Scenario | Asset Class | Transaction Details | Governing Regulation | Likely Deferral Outcome |
| --- | --- | --- | --- | --- |
| 1. Equity Block Trade | Liquid Large-Cap Equity | €50 million trade in a stock with an ADT of €500 million. | MiFID II | The trade likely qualifies as LIS. Publication is deferred for a short period, such as 60 minutes, to allow the broker to manage the position. |
| 2. Corporate Bond Block | Illiquid Corporate Bond | $25 million trade in a bond that trades infrequently. | FINRA TRACE | The trade size is well above the typical dissemination cap. The public report may show the size as “$5MM+” initially. A full time-delay could also apply under certain pilot programs. |
| 3. Interest Rate Swap | Derivative | $500 million notional 10-year Interest Rate Swap. | CFTC | This transaction would likely qualify as a block trade. Public dissemination of the full details would be delayed for a set period (e.g. 15 minutes) to allow the swap dealer to hedge its interest rate exposure. |

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## References

- AFME. “MiFID II / MiFIR post-trade reporting requirements.” AFME, 2017.

- Commodity Futures Trading Commission. “Real-Time Public Reporting Requirements.” Federal Register, vol. 85, no. 228, 25 Nov. 2020, pp. 75422-75516.

- International Capital Market Association. “MiFID II/R Post-trade transparency ▴ trade reporting deferral regimes.” ICMA Position Paper, May 2017.

- Grant Thornton Ireland. “Post-trade transparency.” Grant Thornton, 2023.

- FINRA. “Regulatory Notice 19-12 ▴ Trade Reporting and Compliance Engine (TRACE).” FINRA, 12 Apr. 2019.

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## Reflection

The intricate design of post-trade deferral regimes is a testament to the sophisticated architecture underpinning modern markets. It demonstrates a deep, systemic understanding that absolute transparency, while a laudable goal, must be tempered by the practical realities of liquidity provision and risk management. For the institutional participant, these rules are more than a compliance checklist; they are a structural feature of the market landscape. How does your own operational framework account for the informational asymmetry created by these deferrals?

Does your execution strategy differentiate its approach based on the likelihood of a counterparty utilizing a deferral? Viewing these regulations not as constraints but as predictable components of the market’s operating system allows for a more advanced level of strategic positioning and risk control.

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## Glossary

<a href="https://prime.greeks.live/question/could-excessive-dark-pool-trading-volume-destabilize-the-primary-public-exchanges/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Public Dissemination

Excessive dark pool volume can degrade public price discovery, creating a systemic feedback loop that undermines the stability of all markets. </a><a href="https://prime.greeks.live/area/post-trade-deferral/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Post-Trade Deferral

Meaning ▴ Post-Trade Deferral refers to the practice of delaying the public dissemination or reporting of trade details for a specific period after execution, typically applied to large or illiquid transactions. </a><a href="https://prime.greeks.live/area/non-equity-asset-classes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Non-Equity Asset Classes

Meaning ▴ Non-equity asset classes encompass financial instruments that derive their value independently of ownership stakes in corporations, distinguishing them from traditional stocks. </a><a href="https://prime.greeks.live/area/deferral-regime/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Deferral Regime

Meaning ▴ A Deferral Regime, within financial regulation and increasingly relevant to crypto investing, refers to a set of rules allowing for the postponement of certain tax liabilities or reporting obligations until a later event or date. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Market Impact

Meaning ▴ Market impact, in the context of crypto investing and institutional options trading, quantifies the adverse price movement caused by an investor's own trade execution. </a><a href="https://prime.greeks.live/area/interest-rate-swap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Interest Rate Swap

Meaning ▴ An Interest Rate Swap (IRS) is a derivative contract where two counterparties agree to exchange interest rate payments over a predetermined period. </a><a href="https://prime.greeks.live/area/corporate-bond/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Corporate Bond

Meaning ▴ A Corporate Bond, in a traditional financial context, represents a debt instrument issued by a corporation to raise capital, promising to pay bondholders a specified rate of interest over a fixed period and to repay the principal amount at maturity. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Mifid Ii

Meaning ▴ MiFID II (Markets in Financial Instruments Directive II) is a comprehensive regulatory framework implemented by the European Union to enhance the efficiency, transparency, and integrity of financial markets. </a><a href="https://prime.greeks.live/area/cftc/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Cftc

Meaning ▴ The Commodity Futures Trading Commission (CFTC) is an independent regulatory agency of the United States government primarily responsible for overseeing the integrity and stability of the U. </a><a href="https://prime.greeks.live/area/deferral-period/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Deferral Period

Meaning ▴ A Deferral Period, in the context of financial agreements within crypto investing or options trading, refers to a specified timeframe during which certain obligations, rights, or actions are postponed or suspended. </a><a href="https://prime.greeks.live/area/finra-trace/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Finra Trace

Meaning ▴ FINRA TRACE, standing for Trade Reporting and Compliance Engine, is a system developed by the Financial Industry Regulatory Authority (FINRA) for the reporting and dissemination of over-the-counter (OTC) secondary market transactions in eligible fixed income securities. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Risk Management

Meaning ▴ Risk Management, within the cryptocurrency trading domain, encompasses the comprehensive process of identifying, assessing, monitoring, and mitigating the multifaceted financial, operational, and technological exposures inherent in digital asset markets. </a>

**Tags:** [Post-Trade Deferral](https://options.greeks.live/area/post-trade-deferral/), [Large-in-Scale (LIS)](https://options.greeks.live/area/large-in-scale-lis/), [Block Trade](https://options.greeks.live/area/block-trade/), [Swap Data Repository (SDR)](https://options.greeks.live/area/swap-data-repository-sdr/), [Market Impact](https://options.greeks.live/area/market-impact/), [CFTC](https://options.greeks.live/area/cftc/)	

## Discover More

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### [How Does the Post-Trade Deferral Mechanism under MiFID II Help Mitigate Market Impact?](https://options.greeks.live/question/how-does-the-post-trade-deferral-mechanism-under-mifid-ii-help-mitigate-market-impact/)
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The MiFID II post-trade deferral mechanism shields large trades from immediate disclosure, mitigating market impact and reducing transaction costs.

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### [What Are the Core Differences in Execution Strategy When Using a Bank SI versus an ELP SI?](https://options.greeks.live/question/what-are-the-core-differences-in-execution-strategy-when-using-a-bank-si-versus-an-elp-si/)
![The image depicts two distinct liquidity pools or market segments, intersected by algorithmic trading pathways. A central dark sphere represents price discovery and implied volatility within the market microstructure. This illustrates a Principal's operational framework for high-fidelity execution of multi-leg spread strategies in digital asset derivatives via RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-multi-leg-spread-execution-microstructure.jpg)

Bank vs. ELP SI strategy hinges on a core trade-off: portfolio-based risk absorption for size versus high-velocity spread capture for price.

- 
### [How Do Regulators View the Impact of High-Frequency Hedging on Market Stability?](https://options.greeks.live/question/how-do-regulators-view-the-impact-of-high-frequency-hedging-on-market-stability/)
![Interconnected, sharp-edged geometric prisms on a dark surface reflect complex light. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating RFQ protocol aggregation for block trade execution, price discovery, and high-fidelity execution within a Principal's operational framework enabling optimal liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/precision-geometric-prisms-reflecting-institutional-digital-asset-derivatives-rfq-price-discovery-and-optimized-execution-market-microstructure.jpg)

Regulators view high-frequency hedging as a dual-edged sword, offering liquidity while posing systemic risks that demand robust oversight.

- 
### [What Are the Regulatory Requirements for Reporting LIS Trades?](https://options.greeks.live/question/what-are-the-regulatory-requirements-for-reporting-lis-trades/)
![A sleek, domed control module, light green to deep blue, on a textured grey base, signifies precision. This represents a Principal's Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery, and enhancing capital efficiency within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-for-institutional-digital-asset-rfq-execution.jpg)

The regulatory requirements for LIS trades are a systemic control valve, balancing transparency and market impact via deferred publication.

- 
### [What Are the Regulatory Considerations When Choosing between Rfq and Clob Protocols?](https://options.greeks.live/question/what-are-the-regulatory-considerations-when-choosing-between-rfq-and-clob-protocols/)
![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency. This represents a robust crypto derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

Regulatory frameworks mandate a context-dependent choice between RFQ and CLOB, demanding firms justify their protocol selection with verifiable execution quality data.

- 
### [The RFQ System for Achieving Superior Execution on Block Trades](https://options.greeks.live/guide/the-rfq-system-for-achieving-superior-execution-on-block-trades/)
![A sphere split into light and dark segments, revealing a luminous core. This encapsulates the precise Request for Quote RFQ protocol for institutional digital asset derivatives, highlighting high-fidelity execution, optimal price discovery, and advanced market microstructure within aggregated liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-framework-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

Master the art of institutional execution by commanding liquidity on your terms with a professional-grade RFQ system.

- 
### [How Do Automated Delta Hedging Systems Integrate with Block Trade Execution Workflows?](https://options.greeks.live/question/how-do-automated-delta-hedging-systems-integrate-with-block-trade-execution-workflows/)
![A sleek conduit, embodying an RFQ protocol and smart order routing, connects two distinct, semi-spherical liquidity pools. Its transparent core signifies an intelligence layer for algorithmic trading and high-fidelity execution of digital asset derivatives, ensuring atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-engine-bridging-diverse-liquidity-pools-via-high-fidelity-rfq-protocol-orchestration.jpg)

Automated delta hedging seamlessly integrates with block trade execution, dynamically neutralizing directional risk to preserve strategic alpha and optimize capital efficiency.

- 
### [What Are the Regulatory Implications for Delayed Block Trade Reporting across Jurisdictions?](https://options.greeks.live/question/what-are-the-regulatory-implications-for-delayed-block-trade-reporting-across-jurisdictions/)
![A metallic, modular trading interface with black and grey circular elements, signifying distinct market microstructure components and liquidity pools. A precise, blue-cored probe diagonally integrates, representing an advanced RFQ engine for granular price discovery and atomic settlement of multi-leg spread strategies in institutional digital asset derivatives. This optimizes capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-system-facilitating-high-fidelity-execution-price-discovery.jpg)

Delayed block trade reporting manages market impact for large orders, balancing transparency with institutional execution efficiency across varied global regulations.

- 
### [How Do Systematic Internalisers Function as a Hybrid of Principal and Agency Trading Models?](https://options.greeks.live/question/how-do-systematic-internalisers-function-as-a-hybrid-of-principal-and-agency-trading-models/)
![A precision mechanism, symbolizing an algorithmic trading engine, centrally mounted on a market microstructure surface. Lens-like features represent liquidity pools and an intelligence layer for pre-trade analytics, enabling high-fidelity execution of institutional grade digital asset derivatives via RFQ protocols within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

Systematic Internalisers execute client orders with principal capital while being bound by agency-like public pricing obligations.

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---

**Original URL:** https://options.greeks.live/question/how-do-post-trade-deferrals-differ-between-equity-and-non-equity-asset-classes/
