End-users fear loss of Mifir’s open-access promise

Exchange groups have 30-month exemption from access rules; listed derivatives users concerned it will become permanent

Lockout fears: open access could let participants unite offsetting contracts at one CCP, cutting margin requirements

Participants in Europe’s listed derivatives markets fear a hard-fought regulatory victory is slipping away.

Under new trading and transparency rules, exchange operators are required to let customers send their contracts to a rival for clearing – a threat to the exchange groups that currently lock users into their own central counterparty (CCP). But Article 36 of the Markets in Financial Instruments Regulation (Mifir) also offers a 30-month exemption from the new regime – and some firms fear the

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