Q&A · ESMA
Transparent and non-discriminatory rules
Answered
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Under Articles 18(3) and 53(1) MiFID II, venues must not impose restrictive access criteria; for example they may not require members to be direct clearing members of a CCP (only to have a clearing agreement) or, for centrally cleared instruments, let members require others to be enabled before trading with them, though credit checks may be legitimate for uncleared instruments.
Details
| Reference | ESMA_QA_1635 |
|---|---|
| Issuer | ESMA |
| Published | 7 Jul 2017 |
| Answered | 7 Jul 2017 |
| Submitted | 7 Jul 2017 |
| ESMA topics | Multilateral and bilateral systems |
| Earlier Q&A document | ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 5.3 |
Provisions it relates to
- Article 18 MiFID II · Trading process and finalisation of transactions in an MTF and an OTFExplicit reference · 90%
- Article 53 MiFID II · Access to a regulated marketExplicit reference · 90%
- MiFID II (whole act)Explicit reference