ESMA Q&A Update – MiFIR Market Structure

ESMA Q&A Update – MiFIR Market Structure


MiFID II and MiFIR Market Structure


13 October 2023


RTS 15 – Commission Delegated Regulation (EU) 2017/572

Level of significance of change


Main points

Section 6, Question 8

Trading venues are expected to implement the same fees schedule and rebate policy for all Central Clearing Counterparties (CCPs) accessing the trading venue. Nonetheless, ESMA acknowledges that there may be different arrangements in place. As such, ESMA permits trading venues to apply varying fee and rebate schedules to CCPs, as long as these deviations are justified reasonably and do not involve discriminatory practices.

Section 6, Question 9

Trading venues should clearly identify each service provided, including one-time and ongoing costs to CCPs for accessing their platform. This will help CCPs predict the rise in fees. Any changes to access agreements must follow agreed-upon procedures between the trading venue and CCPs.

How does this change my reporting?

There is no impact on trade reporting.

What do I need to do?

No reporting changes necessary.


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