EU · MiFIR · TITLE VI NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS
Article 36 MiFIRNon-discriminatory access to a trading venue
Open access to trading venues: a venue must provide trade feeds on non-discriminatory and transparent terms to any authorised or recognised CCP that wishes to clear its transactions, except for exchange-traded derivatives and contracts covered by EMIR Article 8. It sets the request procedure, a three-month response deadline, limited grounds for refusal by the venue or authorities, and ESMA RTS on the conditions.
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
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&AAnsweredExplicit reference · 90%
AI summaryAsked whether a CCP closely linked to a venue that opted out of the exchange-traded derivatives access provisions under Article 36(5) MiFIR is barred from access rights to venues trading any such derivatives. ESMA deleted the question on 16 October 2024.
- Q&AAnsweredExplicit reference · 90%
AI summaryAsked when a trading venue should apply for the exemptions in Article 36(5) or Article 54(2) MiFIR. ESMA deleted the question on 16 October 2024.
- Q&AAwaiting answerExplicit reference · 90%
AI summaryAsks how far a trading venue may apply different fee schedules to CCPs under Article 36 MiFIR, including according to whether a CCP has close links to the venue. The question has been published but not yet answered.
- Q&AForwarded to the CommissionInferred · 85%
AI summaryAsks whether, under RTS 15, a trading venue's close links to a CCP call for further considerations when judging whether the fees it charges CCPs for access are discriminatory. ESMA forwarded it to the Commission; there is no answer yet.
- Q&AForwarded to the CommissionInferred · 90%
AI summaryAsks whether a trading venue applies 'the same schedule of fees and rebates' to all CCPs under Article 11 of RTS 15 where a closely linked CCP absorbs the venue's fees, making combined trading and clearing cheaper than with unaffiliated CCPs. ESMA forwarded it to the Commission; there is no answer yet.
- Q&AAwaiting answerInferred · 90%
AI summaryAsks whether a trading venue that has already granted a CCP access under RTS 15 may later charge new one-off or ongoing fees not agreed at the time, and if so when. The question has been published but not yet answered.
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 36 UK MiFIR · Non-discriminatory access to a trading venue
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU 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 2 Jul 2014 to 28 Mar 2024
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.