ETDs exempt from exemption

ESMA, the European Securities and Markets Authority sees no need to temporarily exclude exchange-traded derivatives (ETDs) from non-discriminatory access to central counterparties (CCPs) and trading venues, which will be introduced by the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

MiFIR requires ESMA to assess whether ETDs should be exempted for a period of 30 months from the non-discriminatory access provisions. ESMA says its analysis found that open access to ETDs does not create undue risks to the overall stability and orderly functioning of European financial markets.