Conditions on the denial of access by a CCP
- CCP must assess risks before denying access
Retained EU Law
2017
United Kingdom
Commission Delegated Regulation (EU) 2017/581 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on clearing access in respect of trading venues and central counterparties (Text with EEA relevance)
At a glance
What's here
8 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Conditions on the denial of access by a trading venue
- Assess risks and justify any denial of access by your trading venue
Conditions under which access must be permitted
- Ensure access agreements with CCPs or trading venues meet regulatory requirements
Non-discriminatory and transparent clearing fees charged by CCPs
- Charge clearing fees fairly and provide transparent fee schedules
Non-discriminatory and transparent fees charged by trading venues
- Charge fees on objective criteria and ensure transparency for CCP access
Collateral and margining requirements of economically equivalent contracts
- Apply same margin and collateral to economically equivalent contracts
Netting of economically equivalent contracts
- Apply uniform netting procedures to economically equivalent contracts
Cross-margining of correlated contracts cleared by the same CCP
- Apply portfolio margining consistently to all correlated contracts
Browse 13 other sections — procedural / definitional / commencement
Denial of access by a CCP based on the anticipated volume of transactions
Denial of access by a CCP based on operational risk and complexity
Denial of access by a CCP based on other factors creating significant undue risks
Denial of access by a trading venue based on operational risk and complexity
Denial of access by a trading venue based on other factors creating significant undue risks
Conditions under which access is deemed to threaten the smooth and orderly functioning of markets or adversely affect systemic risk
Notification procedure from the CCP to its competent authority
Notification procedure from the competent authority to ESMA and the CCP college
Notification procedure from the trading venue to its competent authority regarding the initial transitional period
Notification procedure from the trading venue to its competent authority regarding an extension of the transitional period
Further specifications for the calculation of notional amount
Approval and verification method by ESMA
Entry into force and application
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