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Mifid, Uncategorized

Developments in MiFIR’s open access arrangements

Articles 35 and 36 of MiFIR and the associated regulatory Technical Standards (RTS 15) and Delegated Act legislate for open access between trading venues and CCPs so that market participants can choose a CCP when trading on a specific venue, and so that a user of a CCP has a choice of execution venue.

Articles 35 and 36 permit the start some of the requirements for all Exchange Traded Derivatives (ETDs) to be delayed for up to 30 months in the event that it is assessed that introducing the rules would lead to inappropriate risk. This week the European Commission published this ruling stating that such a blanket delay is not required.

Later in the week, ESMA published an updated version of the “Market Structure” questions and answers document, which can be found here. Four new answers have been added on the topic, starting on page 45. These relate to venues and CCPs applying for more specific delays to the application of the requirements.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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