ESMA rejects go-slow approach
On April 4, the European Securities and Markets Authority announced that it sees no need to temporarily exempt exchange-traded derivatives from the non-discriminatory access requirements that will come into effect under Markets in Financial Instruments Directive II. The law provides ESMA with the option of granting a 30-month exemption, but the regulator said it found that open access does not create undue risks to the overall stability and orderly functioning of European financial markets. The open access requirement is designed to ensure that trading venues can clear their trades at the clearinghouse of their choice, and the clearinghouse can access trade feeds from trading venues. The requirement permits trading venues and CCPs to deny access under some circumstances, however.
