UK Treasury Opens Door to Ditching MiFID Open Access Rules
By Samuel Wilkes and Costas Mourselas
February 2, 2021, Risk
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,” says a Treasury spokesperson. “As no other jurisdiction has an open access regime for ETDs, we must assess whether it is suitable in a purely domestic context. We are speaking with industry representatives from across the sector and will clarify our position in due course.”
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