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MiFID II – ESMA: No Need To Temporarily Exclude ETDs From Open Access To Trading Venues And CCPs 

April 5, 2016


The European Securities and Markets Authority (ESMA) sees no need to temporarily exclude exchange-traded derivatives (ETDs) from non-discriminatory access to central counterparties (CCPs) and trading venues, which will be introduced by the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). MiFIR requires ESMA to assess whether ETDs should be exempted for a period of 30 months from the non-discriminatory access provisions.

ESMA’s analysis found that open access to ETDs does not create undue risks to the overall stability and orderly functioning of European financial markets. As potential risks relating to open access are already addressed by the legislative frameworks of MiFID II, MiFIR and EMIR – the European Markets Infrastructure Regulation – ESMA proposed to the European Parliament and Council not to introduce an ETD specific phase-in regarding the access provisions of MiFID II.  

Steven Maijoor, ESMA Chair, stated: “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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