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AI Summary of Article 8 Access to a trading venue

A trading venue shall provide trade feeds on a nondiscriminatory and transparent basis to any CCP authorised to clear OTC derivative contracts traded on that venue, upon request by the CCP. Where a CCP formally requests access, the trading venue must respond within three months; if access is refused the venue must notify the CCP and provide full reasons. Following a positive response, access shall be made possible by the trading venue within three months, without prejudice to decisions by the competent authorities.

Access shall be granted only where it would not require interoperability or threaten the smooth and orderly functioning of markets, in particular due to liquidity fragmentation, and only where the trading venue has adequate mechanisms to prevent such fragmentation. ESMA is required to develop draft regulatory technical standards specifying the notion of liquidity and to submit them to the Commission by 30 September 2012; the Commission is delegated the power to adopt those standards in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 16 August 2012 - onwards
Version 2 of 2

Article 8 Access to a trading venue

DRAFT To be replaced Article 2 Amendments to Regulation (EU) No 648/2012 of the Proposal for a Regulation of the European parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union (COM(2025) 943 final / 2025/0383 (COD))
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1. A trading venue shall provide trade feeds on a nondiscriminatory and transparent basis to any CCP that has been authorised to clear OTC derivative contracts traded on that trading venue upon request by the CCP.

2. Where a request to access a trading venue has been formally submitted to a trading venue by a CCP, the trading venue shall respond to the CCP within three months.

3. Where access is refused by a trading venue, it shall notify the CCP accordingly, providing full reasons.

4. Without prejudice to the decision by competent authorities of the trading venue and of the CCP, access shall be made possible by the trading venue within three months of a positive response to a request for access.

 Access of the CCP to the trading venue shall be granted only where such access would not require interoperability or threaten the smooth and orderly functioning of markets in particular due to liquidity fragmentation and the trading venue has put in place adequate mechanisms to prevent such fragmentation.

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