How ‘open’ became ‘random’ in Mifir open access CCP rule

EU clearing monopolies endure as share trades are rarely cleared at end-users’ chosen CCP

In the large family of European Union financial edicts, the rule known as Mifir open access is something of an underachiever. In the almost four years since its introduction for cash equities, there has been only incremental progress towards the rule’s goal – moving clearing flows away from dominant clearers to boost competition and lower costs.  

The provisions, contained in the Markets in Financial Instruments Regulation, were designed to enable counterparties to choose where to clear trades

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