Monday September 18 2017

News Source: Global Exchanges

Focus: MiFID (Global Exchanges)

Type: General




The European Securities and Markets Authority (ESMA) has issued a procedure under Markets in Financial Instruments Regulation (MiFIR) laying out the steps for trading venues to temporarily opt-out from access provisions for exchange-traded derivatives (ETDs).

MiFIR establishes non-discriminatory and open access provisions for trading venues and central counterparties (CCPs). Trading venues are obliged to provide access including data feeds on a non-discriminatory and transparent basis to CCPs that wish to clear transactions executed on those trading venues.

However, when trading in ETDs, if one trading venue falls below a certain threshold, the trading venue may notify ESMA and its national competent authority (NCA) of its intention to temporarily opt-out from the access provisions with respect to those instruments.

The ESMA procedure is aimed at NCAs and trading venues that can benefit from the exemption foreseen in Article 36(5) of MiFIR.

Please click on the link above for further information.