Requirement (MIFID)
Article 35 Provisions regarding central counterparty, clearing and settlement arrangements in respect of MTFs
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States shall not prevent investment firms and market
operators operating an MTF from entering into appropriate arrangements
with a central counterparty or clearing house and a settlement system of
another Member State with a view to providing for the clearing and/or
settlement of some or all trades concluded by market participants under
their systems.
2. The competent authority of investment firms and market operators
operating an MTF may not oppose the use of central counterparty,
clearing houses and/or settlement systems in another Member State
except where this is demonstrably necessary in order to maintain the
orderly functioning of that MTF and taking into account the conditions
for settlement systems established in Article 34(2).
In order to avoid undue duplication of control, the competent authority
shall take into account the oversight/supervision of the clearing and
settlement system already exercised by the national central banks as
overseers of clearing and settlement systems or by other supervisory
authorities with a competence in such systems.