FMLC comments on ESMA consultation on CCP access: FMLC has responded to ESMA's consultation on the provisions of the revised Markets in Financial Instruments Directive (MiFID 2) and Regulation (MiFIR) on non-discriminatory access to central counterparties (CCPs) and trading venues. FMLC thinks several issues need clarification. It notes these as:

  • the interpretation of the meaning of “economically equivalent”; 
  • the non-discriminatory netting obligations applicable to CCPs; 
  • potential conflicts of the non-discriminatory access to CCPs provisions with existing legislation such as the European Market Infrastructure Regulation (EMIR) and the obligations of the regulated markets under MiFID 2 and MiFIR; 
  • the grounds for refusal of access by CCPs and trading venues for their respective non-discriminatory access provisions; and
  • the criteria for the approval of access by the relevant competent authorities. 

This paper has endeavoured to address these issues, proposing solutions for ESMA’s further consideration, where possible. (Source: FMLC comments on ESMA consultation on CCP access)