Regulator said it assessed risks concerned with futures' inclusion in Mifid II
The European Securities and Markets
Authority has recommended that futures and options should not
be exempted from open access rules in Mifid II, marking a key
victory for pro-competition exchanges such as the LSE
Esma said on Monday it had kicked off an
approval process with its regulatory counterparts, calling for
Mifid II to cover both over-the-counter (OTC) contracts and
exchange-traded derivatives (ETD) when the sweeping regulatory
reform takes effect in January 2018.
The authority said there is no need for a
proposed temporary exclusion of ETDs from non-discriminatory
access to central counterparties (CCPs) and trading venues -
originally set to be introduced under Mifid II - and has called
for the European Commission to endorse the recommendation,
rather than a 30 month exemption period for the contracts.
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