Exchanges and market participants have found themselves deeply divided over open access rules under Europe's Mifid II
The rules for open access to execution
venues and central counterparties under incoming regulation
Mifid II are divisive among market participants. Supporters say
it will increase competition and consumer choice while
opponents argue the opposite and warn it may decrease liquidity
in the derivatives space.
Under Mifid II, open access to central
counterparties (CCPs) provide that the CCPs must clear
financial instruments on a non-discriminatory and transparent
basis regardless of the trading venue where the instrument was
transacted. Additionally, trading venues should provide trade
feeds to CCPs that want to clear transactions on that venue on
request. Also both CCPs and trading venues should also be given
access to benchmarks.
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