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FCA, BoE, BaFIN provide transitional periods to comply with open access requirements under MiFIR

FCA, BoE, BaFIN provide transitional periods to comply with open access requirements under MiFIR

3 January 2018 8:45am EST

The UK’s Financial Conduct Authority, Bank of England and Gemany's BaFIN have issued statements providing transitional periods for ICE Futures Europe, London Metal Exchange, LME Clear and Eurex Clearing in relation to open access requirements under MiFIR, which came into effect today.

The FCA statement, issued this morning, explained that under Article 54(2) of the Markets in Financial Instruments Regulation, an EU CCP or trading venue may apply to its Competent Authority for a transitional arrangement in relation to exchange-traded derivatives, under which the open access requirements of Articles 35 or 36, respectively, of MiFIR would not apply until July 2020.

FCA received applications under Article 54(2) from ICE Futures Europe and London Metal Exchange and, having taken into account the risks resulting from the application of access rights under Article 36 as regards ETD to "the orderly functioning of the trading venues", the regulator decided to agree a transitional arrangement for those entities. Accordingly, with effect from 3 January 2018, ICE Futures Europe and LME will not be required to consider open access requests made under Article 36 insofar as they relate to exchange-traded derivatives, until the expiry of the transitional period on 3 July 2020.

Bank of England also responded to applications by ICE Clear Europe and LME Clear in accordance with Article 54(2) for transitional arrangements. It said: "having taken into account the relevant risks resulting from the application of the access rights under Article 35 as regards exchange-traded derivatives to the orderly functioning of the CCP, [The Bank of England] has decided that Article 35 will not apply" to LME Clear and ICE Clear Europe in respect of ETD for a transitional period until 3 July 2020.

Meanwhile, BaFIN also stated that it has approved an application from Eurex Clearing with effect from today for a transitional period until 3 July 2020 to comply with MiFIR requirements that a trading venue has the right to non-discriminatory access to a CCP if certain conditions are met.

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