ESMA_QA_1662

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1662

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Regulatory Context

Regulation : MIF2

Level 1 Regulation: Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Access to CCPs and trading venues

Subject Matter: CCP - novation trade acceptance model

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Question

Submission Date: 07 July 2017

Is a CCP using an open offer trade acceptance model obliged to accept a request for access from a trading venue using a novation trade acceptance model?

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ESMA Answer

Answer Date: 07-07-2017

[ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 6.2] Yes, a CCP using an open offer trade acceptance model that receives a request for access from a trading venue using a novation trade acceptance model should grant that access unless it can identify how precisely the simultaneous use of an open offer and a novation trade acceptance model would give rise to significant undue risks that cannot be managed.

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This document was automatically extracted from the ESMA EMIR Q&A database.