Access to CCPs, trading venues and benchmarks under MiFIR
Access to CCPs, trading venues and benchmarks under MiFIR

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Access to CCPs, trading venues and benchmarks under MiFIR
  • Access to CCPs
  • Non-discriminatory treatment by CCPs
  • Requests for access to CCPs
  • Denial of access by CCPs
  • Refusal of access by competent authorities
  • Transitional period for new CCPs
  • Review by the European Commission
  • Access to trading venues
  • Requests for access to trading venues
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory 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,

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