FIA Issues Special Report, "Open Access: CCPs, Trading Venues and Benchmarks"

The Futures Industry Association ("FIA") released the third report in a series covering the specific areas of the ESMA consultation process for the implementation of the recast MiFID II and MiFIR. The report provides an overview of the proposals for open access for trading venues and central counterparties ("CCPs"). Topics covered in the report include:

• open access requirements;
• non-discriminatory access to CCPs and trading venues (grounds for denying access, conditions under which access is granted and temporary exception for exchange-traded derivatives); and
• non-discriminatory access to, and the obligation to license, benchmarks (information to be made available through licensing, other conditions for granting access and standards for guiding how a benchmark may be proved to be "new").

See: FIA Report.