in force 2024-03-28 MODIFIED+302 −467§
Amended by Regulation (EU) 2024/791 32024R0791
applies from: unchanged
Paragraph 1 now adds a new sentence stating that the non-discriminatory access requirement does not apply to exchange-traded derivatives, and rephrases the following clause to say the CCP shall ensure non-discriminatory treatment rather than describing this as a general consequence of the first sentence.
Paragraph 3 changes the timing reference for the CCP's written response from separate three-month and six-month deadlines tied to instrument type to a single three-month period counted from receipt of the request, and adjusts related wording on denial conditions, notice of denial, and forwarding of the response to the trading venue's competent authority.
Paragraph 4 removes the former condition in point (a) about interoperability arrangements for non-OTC derivatives, leaving only the condition that access would not threaten smooth and orderly market functioning or adversely affect systemic risk, while the subsequent subparagraph still refers to "point (a) of the first subparagraph."
Cited: Art. 35, v2 · Art. 35, v1
text before / after
02014R0600-20240109 → 02014R0600-20240328
Article 35
Non-discriminatory access to a CCP
1. Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent basis, including as regards collateral requirements and fees relating to access, regardless of the trading venue on which a transaction is executed. This The requirement in the first subparagraph shall not apply to exchange-traded derivatives.
The CCP shall in particular shall ensure that a trading venue has the right to non-discriminatory treatment of contracts traded on that trading venue in terms of:
(a) collateral requirements and netting of economically equivalent contracts, where the inclusion of such contracts in the close-out and other netting procedures of a CCP based on the applicable insolvency law would not endanger the smooth and orderly functioning, the validity or enforceability of such procedures; and
(b) cross-margining with correlated contracts cleared by the same CCP under a risk model that complies with Article 41 of Regulation (EU) No 648/2012.
A CCP may require that the trading venue comply with the operational and technical requirements established by the CCP including the risk management requirements. The requirement in this paragraph does not apply to any derivative contract that is already subject to the access obligations under Article 7 of Regulation (EU) No 648/2012.
A CCP is not bound by this Article if it is connected by close links to a trading venue which has given notification under Article 36(5).
2. A request to access a CCP by a trading venue shall be formally submitted to a CCP, its relevant competent authority and the competent authority of the trading venue. The request shall specify to which types of financial instruments access is requested.
3. The CCP shall provide a written response to the trading venue within three months of receiving the request referred to in the case of transferable securities and money market instruments, and within six months in the case of exchange-traded derivatives, paragraph 2, either permitting access, under provided that the condition that a relevant competent authority has granted access pursuant to paragraph 4, or denying access. The CCP may deny a request for access only under subject to the conditions specified laid down in paragraph 6(a). If 6, point (a). Where a CCP denies access access, it shall provide full reasons in its response and inform its competent authority in writing of the decision. decision in writing. Where the trading venue is established in a different Member State to other than that of the CCP, the CCP shall also provide such notification and reasoning forward that written response to the competent authority of the trading venue. The CCP shall make provide access possible within three months of providing a positive response to the access request.
4. The competent authority of the CCP or that of the trading venue shall grant a trading venue access to a CCP only where provided that such access:
(a) would not require an interoperability arrangement, in the case of derivatives that are not OTC derivatives pursuant to Article 2(7) of Regulation (EU) No 648/2012; or
(b) access would not threaten the smooth and orderly functioning of the markets, in particular due to liquidity fragmentation, or would not adversely affect systemic risk.
Nothing in point (a) of the first subparagraph shall prevent access being granted where the request referred … 612 unchanged words … draft regulatory technical standards to the Commission by 3 July 2015.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.