Clifford Chance
EMIR and MIFIR – Opening up silos
6 May 2014
The EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR) and the proposed EU markets in financial instruments regulation (MiFIR) aim to remove commercial barriers that can be used to prevent competition in clearing and trading of financial instruments. They require CCPs to accept instruments for clearing regardless of the trading venue, trading venues to provide trade feeds to CCPs and benchmark proprietors to provide CCPs and trading venues with access to licences, in each case on a non-discriminatory and transparent basis. EMIR provided access rights to CCPs and trading venues for OTC derivatives. MiFIR will extend those rights to all financial instruments and to benchmarks and will extend access rights to non-EU CCPs/trading venues (subject to equivalence/reciprocity requirements).
Clifford Chance has prepared a presentation summarising the provisions of EMIR and MiFIR addressing open access, including the transitional arrangements.
