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ESA approves Nasdaq's temporary exemption from open access under MiFIR



ESA has today adopted a decision to approve a temporary opt-out of the access provisions for exchange-traded derivatives (ETDs).  

The approval was requested by the Norwegian Trading Venue Nasdaq Oslo ASA (Nasdaq).

In line with the role of ESA within the European System of Financial Supervision, ESA performed the assessment of the Nasdaq's application in close cooperation with the European Securities and Markets Authority (ESMA), the authority competent for the opt-outs of trading venues in the EU.

Temporary opt-out

ESA assessed the information provided by Nasdaq as well as publicly available post-trade data and statistics, and has concluded that the temporary opt-out can be granted. It will apply for 30 months from the date of application of MiFIR in the EEA EFTA States, i.e. from 3 December 2019 to 3 June 2022.

The list of all exempted trading venues, including Nasdaq, is published on the ESMA website and is regularly updated to reflect any changes or exemption renewals.


Regulation 600/2014 on Markets in Financial Instruments (MiFIR) as incorporated into the EEA Agreement, allows firms to freely choose where to trade and clear their products, which CCPs and trading venues need to facilitate. However, trading venues and CCPs may elect to temporary opt out from the access provisions for ETDs provided that certain conditions are met.

Trading venues in the EEA EFTA States wishing to opt out of the access provisions, shall notify their competent authority and seek the approval of the EFTA Surveillance Authority.

For further information, please contact:

Øystein Solvang
Head of Communications
mob. +32 490 57 63 53


Other EEA Institutions

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