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ESMA issues new ETD rules under MiFID II

Chris Hamblin, Editor, London, 18 September 2017

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The European Securities and Markets Authority has issued rules by which the venues on which private banks trade can, for a time, opt out of EU access rules for exchange-traded derivatives.

The European Union's Markets in Financial Instruments Regulation (MiFIR) establishes non-discriminatory and open-access provisions for trading venues and central counterparties. In particular, it obliges trading venues to provide access (including data feeds) on a non-discriminatory and transparent basis to central counterparties that want to clear transactions that private banks and other institutions are executing on those trading venues.

However, if one trading venue where banks are trading in derivatives falls below a certain threshold, it may notify ESMA and its national regulator of its intention to opt-out from the access rules (which ESMA calls "access provisions") with respect to those instruments on a temporary basis. This might affect some private banks in their efforts to trade.

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