Access Provisions

MiFID II-MiFIR recognises the right of trading venues to have non-discriminatory access to a CCP in relation to the clearing of contracts traded on that trading venue, in respect of guarantees and clearing of economically equivalent contracts and with regard to cross-margining with correlated contracts cleared by the same CCP.

MiFID II-MiFIR also recognises the right of CCPs to have non-discriminatory access to a trading venue, which will provide trading data in a transparent and non-discriminatory manner, upon request by any CCP wishing to clear transactions with financial instruments that have been traded on that trading venue.

The new regulatory framework also recognises the right of trading venues and CCPs, vis-à-vis the persons with proprietary rights to the benchmark, to have non-discriminatory access on a reasonable commercial basis to (a) prices, data feeds and information on clearing, methodology and financial benchmark setting and (b) licensing of the financial benchmark for the purpose of trading and clearing financial instruments linked to the financial benchmark.