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ESMA: No need for delay access rules for ETDs 

April 14, 2016

Stephanie Palmer, Asset Servicing Times

The European Securities and Markets Authority (ESMA) has said there is no need to temporarily exclude exchange-traded derivatives from the rules around non-discriminatory access to central counterparties and trading venues under the Markets in Financial Infrastructure Regulation (MiFIR) and Directive (MiFID) II.

Under MiFIR, ESMA was required to assess whether exchange-traded derivatives (ETDs) should be exempted from the access provisions for a period of 30 months.

The ESMA analysis found, however, that giving open access to ETDs “does not create undue risks to the overall stability and orderly functioning of European financial markets”.

The authority said that any potential risks are already addressed by the legislative frameworks of MiFID II, MiFIR and the European Markets Infrastructure Regulation, and suggested that the European Parliament and Council should not introduce a phase-in period for ETDs.

ESMA chair Steven Maijoor said: “Trading venues and CCPs are important market infrastructures and crucial for well functioning EU capital markets. Strengthening competition and choice between venues and CCPs is an important step to further the integration of the EU’s capital markets. The open access provisions of MiFID II will help to achieve these goals for all instruments without creating undue risks to stability.” Read More

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