in force 2024-03-28 MODIFIED+376 −569§
Amended by Regulation (EU) 2024/791 32024R0791
applies from: unchanged
Paragraph 1 now excludes exchange-traded derivatives from the trade feed access requirement in addition to the existing exclusion for derivative contracts already covered by Article 8 of Regulation (EU) No 648/2012, with the two exclusions listed as separate points.
Paragraph 3 removes the separate six-month response period for exchange-traded derivatives, ties the three-month response deadline to receipt of the request under paragraph 2, and rewords the denial, notification, and access-provision language without changing its substance.
Paragraph 4 drops the former condition in point (a) that access not require an interoperability arrangement for non-OTC derivatives, leaving only the smooth-and-orderly-functioning and systemic risk conditions for granting access, and paragraph 6 point (c) now ends with a full stop instead of a semicolon.
Cited: Art. 36, v2 · Art. 36, v1
text before / after
02014R0600-20240109 → 02014R0600-20240328
Article 36
Non-discriminatory access to a trading venue
1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards fees related relating to access, upon request to any CCP authorised or recognised by pursuant to that Regulation (EU) No 648/2012 that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement does shall not apply to to:
(a) any derivative contract that is already subject to the access obligations under laid down in Article 8 of Regulation (EU) No 648/2012. 648/2012;
(b) exchange-traded derivatives.
A trading venue is not bound by this Article if it is connected by close links to a CCP which has given notification that it is availing of the transitional arrangements under Article 35(5).
2. A request to access a trading venue by a CCP shall be formally submitted to a trading venue, its relevant competent authority and the competent authority of the CCP.
3. The trading venue shall provide a written response to the CCP 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 the condition provided that the relevant competent authority has granted access pursuant to paragraph 4, or denying access. The trading venue may deny a request for access only under subject to the conditions specified under laid down in paragraph 6(a). When access is denied the 6, point (a). Where a trading venue denies access, it shall provide full reasons in its response and inform its competent authority in writing of the decision. decision in writing. Where the CCP is established in a different Member State to other than that of the trading venue, the trading venue shall also provide such notification and reasoning forward that written response to the competent authority of the CCP. The trading venue shall make provide access possible within three months of providing a positive response to the access request.
4. The competent authority of the trading venue or that of the CCP shall grant a CCP access to a trading venue 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 fragmentation, and provided that the trading venue has put in place adequate mechanisms arrangements to prevent such 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 to in paragraph 2 requires interoperability and the trading venue and all CCPs … 506 unchanged words … regarding financial instruments during the development phase and the non-discriminatory and transparent basis as regards fees related to access;
(c) the conditions under which granting access will threaten the smooth and orderly functioning of the markets, or would adversely affect systemic risk; risk.
(d) the procedure for making a notification under paragraph 5, including further specifications for calculation of the notional amount and the method by which ESMA may verify the calculation of the volumes and approve the opt-out.
ESMA shall submit those 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.