The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.
This Practice Note provides an overview of the provisions for non-discriminatory access to central counterparties (CCPs), trading venues and benchmarks introduced by the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which came into effect on 3 January 2018. It includes a summary of the level 1 legislation, as well as relevant level 2 rules and level 3 guidance.
MiFIR and the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) replaced the Markets in Financial Instruments Directive (Directive 2004/39/EC), which already gave investment firms the right of non-discriminatory access to CCP, clearing and settlement systems in other Member States. This right has been retained in MiFID II.
The MiFIR access provisions were intended to encourage competition and address the ‘vertical silo’ model—where trading, clearing and settlement all take place within the same infrastructure. In order to avoid discrimination, CCPs are required to clear transactions executed on different trading venues, and trading venues must make
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