Article 52(12) of the Markets in Financial Instruments Regulation (MiFIR) requires the European Commission to present by 3 July 2016 a report to the European Parliament and the Council assessing the need to temporarily exclude exchange-traded derivatives (ETDs) from the scope of the non-discriminatory access provisions to central counterparties (CCPs) and trading venues in Articles 35 and 36 of MiFIR.
The European Securities and Markets Authority (ESMA) has now published a risk assessment that feeds into the analysis of the Commission on the need to temporarily exclude ETDs from the scope of Articles 35 and 36 of MiFIR.
ESMA’s analysis found that open access to ETDs does not create undue risks to the overall stability and orderly functioning of EU financial markets. As potential risks relating to open access are already addressed by the legislative frameworks of MiFIR, the Markets in Financial Instruments Directive II and the European Markets Infrastructure Regulation, ESMA proposes to the European Parliament and the Council not to introduce an ETD specific phase-in regarding the access provisions of MiFID II.
View MiFID II – ESMA: no need to temporarily exclude ETDs from open access to trading venues and CCPs, 4 April 2016