In light of the COVID-19 pandemic, the EU co-legislators have agreed to amend the Markets in Financial Instruments Regulation (MiFIR) to delay for one year the application of the open access rules to trading venues and CCPs offering trading and clearing of exchange-traded derivatives. The application of the rules will therefore be delayed from 4 July 2020 to 4 July 2021. This change will form part of the EU retained law and will apply in the UK after the end of the Brexit transition period at the end of the year.
The open access regime is set out in articles 35 and 36 of MiFIR and the specific factors that trading venues and CCPs should consider when evaluating access requests are set out in Commission Delegated Regulation 2017/587. Trading venues and CCPs are expected to implement processes to assess any open access requests against those factors.
To find out more, read the full FCA statement here.