ESMA_QA_986
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/986
Regulatory Context
Regulation : MIFIR
Level 1 Regulation: Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
Level 2 Regulation: Regulation 2017/581 - RTS on access in respect of central counterparties and trading venues (RTS 15)
Level 3 Regulation: No information available
Topic: Access to CCPs and trading venues
Subject Matter: Fees charged to CCPs in relation to access to trading venues
Question
Submission Date: 30 May 2023
Article 11 of RTS 15 MiFIR permits a trading venue to charge fees to a CCP in relation to access to the trading venue, which can include fees charged to cover one-off and ongoing costs. Can a trading venue that has already granted access to a CCP be permitted to charge new fees, whether one-off or ongoing, that were not agreed at the time of access, and if so, under which circumstances?
ESMA Answer
Answer Date: 13-10-2023
Article 11 of RTS 15 MiFIR permits a trading venue to charge fees to a CCP in relation to access to the trading venue, covering both one-off and ongoing costs, on the basis of objective criteria. In addition to this, trading venues are required to ensure that fees are adequately identified per service provided and sufficiently granular to ensure that the arising fees are predictable. Moreover, Article 9(1)(f) of RTS 5 MiFIR stipulates that the access agreement shall “specify the cover of one-off and ongoing costs caused by the access request”. As clarified by Recital 5 of RTS 15, the aim of such provisions is to ensure that CCPs access to trading venues is permitted on non-discriminatory grounds. ESMA notes that access agreements can only be amended or changed in line with the agreed procedure to do so between the parties to the agreement. If the access agreement can be amended or changed to include additional charges, a trading venue that has already granted access to a CCP can charge fees that were not agreed at the time of access provided that such new fees are based on objective criteria. These new fees should be reasonable, justifiable and cover costs incurred by the trading venue resulting from the need to maintain or update access arrangements with such CCP.
This document was automatically extracted from the ESMA EMIR Q&A database.