ESMA_QA_1662
07/07/2017
Subject Matter
CCP - novation trade acceptance model
    Is a CCP using an open offer trade acceptance model obliged to accept a request for access from a trading venue using a novation trade acceptance model?
    ESMA Answer
    07-07-2017

      [ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 6.2]

      Yes, a CCP using an open offer trade acceptance model that receives a request for access from a trading venue using a novation trade acceptance model should grant that access unless it can identify how precisely the simultaneous use of an open offer and a novation trade acceptance model would give rise to significant undue risks that cannot be managed.

      Status: Answer Published

      Additional Information

      Level 1 Regulation
      Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
      Topic
      Access to CCPs and trading venues