ESMA_QA_1662
07/07/2017
Subject Matter
CCP - novation trade acceptance model
Original question
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
Original language
[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