UK Treasury opens door to ditching Mifid open access rules

Champion of competition in derivatives clearing may throw in the towel

For years, the UK was the champion of European Union market regulations designed to foster greater competition in clearing services. Once the UK left the EU, enthusiasm for the project among the remaining 27 members dwindled. Now, the UK Treasury may decide to walk away from the so-called open access rules as well.

“We supported open access for ETDs [exchange-traded derivatives] when the regime was being negotiated in the EU because we believed it would provide EU-wide competition benefits,”

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