EU · MiFIR · TITLE VI NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS

Article 35 MiFIRNon-discriminatory access to a CCP

In force

Read the official text on EUR-Lex(opens in a new tab)

AI-generated What this provision does

Open access to CCPs: a CCP must clear financial instruments on a non-discriminatory and transparent basis regardless of the trading venue, including collateral, netting and cross-margining, subject to its operational requirements; the text excludes exchange-traded derivatives and contracts already covered by EMIR Article 7. It sets the request process, a three-month response deadline, limited grounds for refusal by the CCP or competent authorities, and transitional rules.

Amendments and application dates

Amending act	Change	Applies from
Regulation (EU) 2024/791	Text amended; Text deleted	28 Mar 2024

Level 2: delegated and implementing acts

RTSIn forceLegal basis
Commission Delegated Regulation (EU) 2017/581 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on clearing access in respect of trading venues and central counterparties
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS 15 on open access between CCPs and trading venues under Articles 35 and 36 MiFIR: limits the grounds on which access may be denied (volume, operational risk and complexity, other significant undue risks), sets when access must be granted, and requires non-discriminatory fees, collateral, netting and cross-margining treatment.

Level 3: ESMA Q&As, guidelines and opinions

Q&AAnsweredInferred · 90%
ESMA_QA_1662: CCP - novation trade acceptance model
ESMA · 7 Jul 2017 · the ESMA website
AI summaryA CCP using an open-offer trade acceptance model must grant access to a trading venue using novation unless it can show precisely how using both models would create significant undue risks that cannot be managed.
Q&ALegacy Q&A documentESMA rulebook
ESMA70-872942901-38: Questions and Answers On MiFID II and MiFIR market structure topics
ESMA · the ESMA website
AI summaryESMA's consolidated legacy Q&A document (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.

Commentary

No law-firm commentary is linked to this provision yet.

219 more documents relate to MiFIR as a whole without naming an article.

UK counterpart

Article 35 UK MiFIR · Non-discriminatory access to a CCP
UK MiFIR
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit reference
EU changes after exit: Regulation (EU) 2024/791 (from 28 Mar 2024). UK changes after onshoring: S.I. 2021/1074 (from 18 Oct 2021). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.

Version history

From 28 Mar 2024
From 1 Jul 2016 to 28 Mar 2024
From 2 Jul 2014 to 1 Jul 2016

Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.