Article 35 — Non-discriminatory access to a CCP — compare
Showing 9 of 9Release 2 Nov 2026Details
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- MiFIR: every English consolidation from 1 Jan 2022. Older wording is not held and is not replaced by any other text. Not covered: national guidance, court decisions.
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- Release c89ff15e published 2 Nov 2026, 05:02 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
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- Showing 9 of 9
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- 1 January 2022 · Consolidated version of 1 January 2022 · Checked against EUR-Lex on 26 Oct 2026 · Official source
- To
- 2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 1 Nov 2026 · Official source
1.Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent basis, including as regards collateral requirements and fees relating to access, regardless of the trading venue on which a transaction is executed. This in particular shall ensure that a trading venue has the right to non-discriminatory treatment of contracts traded on that trading venue in terms of:
The requirement in the first subparagraph shall not apply to exchange-traded derivatives.
The CCP shall in particular ensure that a trading venue has the right to non-discriminatory treatment of contracts traded on that trading venue in terms of:
3.The CCP shall provide a written response to the trading venue within three months in the case of transferable securities and money market instruments, and within six monthsreceiving the request referred to in the case of exchange-traded derivativesparagraph 2, either permitting access, under the conditionprovided that athe relevant competent authority has granted access pursuant to paragraph 4, or denying access. The CCP may deny a request for access only undersubject to the conditions specified laid down in paragraph 6, point (a). IfWhere a CCP denies access, it shall provide full reasons in its response and inform its competent authority in writing of the decision in writing. Where the trading venue is established in a different Member State to other than that of the CCP, the CCP shall also provide such notification and reasoningforward that written response to the competent authority of the trading venue. The CCP shall makeprovide access possible within three months of providing a positive response to the access request.
4.The competent authority of the CCP or that of the trading venue shall grant a trading venue access to a CCP only whereprovided that such access: would not threaten the smooth and orderly functioning of the markets, in particular due to liquidity fragmentation, or would not adversely affect systemic risk.
Nothing in point (a) of the first subparagraph shall prevent access being granted where the request referred to in paragraph 2 requires interoperability and the trading venue and all CCPs party to the proposed interoperability arrangement have consented to the arrangement and the risks to which the incumbent CCP is exposed to arising from inter-CCP positions are collateralised at a third party. [in_force → deleted]
Where the need for an interoperability arrangement is the reason or is part of the reason for denying a request, the trading venue will advise the CCP and inform ESMA which other CCPs have access to the trading venue and ESMA will publish that information so that investment firms may choose to exercise their rights under Article 37 of Directive 2014/65/EU in respect of those CCPs in order to facilitate alternative access arrangements.