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Regulation (EU) No 600/2014 of the European Parliament and of the CouncilDangos y teitl llawn
Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance)
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Changes over time for: Article 36
Changes to legislation:
Regulation (EU) No 600/2014 of the European Parliament and of the Council, Article 36 is up to date with all changes known to be in force on or before 11 February 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Article 36:
- Sch. 3 para. 31 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Sch. 3 para. 32 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Art. 2.1(17) words omitted by 2023 c. 29 Sch. 2 para. 19(a)
- Art. 3(4)(5) inserted by 2023 c. 29 Sch. 2 para. 2
Newidiadau ac effeithiau heb eu gweithredu eto ar yr eitem ddeddfwriaeth gyfan a’r darpariaethau cysylltiedig.
- Sch. 3 para. 31 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Sch. 3 para. 32 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Art. 2.1(17) words omitted by 2023 c. 29 Sch. 2 para. 19(a)
- Art. 3(4)(5) inserted by 2023 c. 29 Sch. 2 para. 2
Article 36U.K.Non-discriminatory access to a trading venue
1.Without prejudice to Article 8 of Regulation (EU) No 648/2012 [F1and subject to paragraph 1A], a trading venue shall provide trade feeds on a non-discriminatory and transparent basis, including as regards fees related to access, upon request to any CCP authorised or recognised by Regulation (EU) No 648/2012 that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement does not apply to any derivative contract that is already subject to the access obligations under Article 8 of Regulation (EU) No 648/2012.
A trading venue is not bound by this Article if it is connected by close links to a CCP which has given notification that it is availing of the transitional arrangements under Article 35(5).
[F21A.Paragraph 1 does not apply in relation to exchange-traded derivatives.]
2.A request to access a trading venue by a CCP shall be formally submitted to a trading venue, [F3the competent authority of the trading venue] and the competent authority of the CCP.
3.The trading venue shall provide a written response to the CCP within three months in the case of transferable securities and money market instruments, F4... either permitting access, under the condition that the relevant competent authority has granted access pursuant to paragraph 4, or denying access. The trading venue may deny access only under the conditions specified under paragraph 6(a). When access is denied the trading venue shall provide full reasons in its response and inform its competent authority in writing of the decision. F5... The trading venue shall also provide such notification and reasoning to the competent authority of the CCP. The trading venue shall make access possible within three months of providing a positive response to the access request.
4.The competent authority of the trading venue or that of the CCP shall grant a CCP access to a trading venue only where such access:
F6(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)would not threaten the smooth and orderly functioning of the markets, in particular due to liquidity fragmentation and the trading venue has put in place adequate mechanisms to prevent such fragmentation, or would not adversely affect systemic risk.
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If a competent authority denies access it shall issue its decision within two months following receipt of the request referred to in paragraph 2 and provide full reasons to the other competent authority, the trading venue and the CCP including the evidence on which its decision is based.
F85.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.[F9The FCA may, having consulted the Bank of England, make] technical standards to specify:
(a)the specific conditions under which an access request may be denied by a trading venue, including conditions based on the anticipated volume of transactions, the number of users, arrangements for managing operational risk and complexity or other factors creating significant undue risks;
(b)the conditions under which access shall be granted, including confidentiality of information provided regarding financial instruments during the development phase and the non-discriminatory and transparent basis as regards fees related to access;
(c)the conditions under which granting access will threaten the smooth and orderly functioning of the markets, or would adversely affect systemic risk;
F10(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in Art. 36(1) inserted (18.10.2021) by The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074), regs. 1(2), 3(3)(a)
F2Art. 36(1A) inserted (18.10.2021) by The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074), regs. 1(2), 3(3)(b)
F3Words in Art. 36(2) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 31(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Art. 36(3) omitted (18.10.2021) by virtue of The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074), regs. 1(2), 3(3)(c)
F5Words in Art. 36(3) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 31(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6Art. 36(4)(a) omitted (18.10.2021) by virtue of The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074), regs. 1(2), 3(3)(d)(i)
F7Words in Art. 36(4) omitted (18.10.2021) by virtue of The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074), regs. 1(2), 3(3)(d)(ii)
F8Art. 36(5) omitted (18.10.2021) by virtue of The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074), regs. 1(2), 3(3)(e)
F9Words in Art. 36(6) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 31(2)(e)(i)(aa) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F10Art. 36(6)(d) omitted (18.10.2021) by virtue of The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074), regs. 1(2), 3(3)(e)
F11Words in Art. 36(6) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 31(2)(e)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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