European Regulation

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New EU regulatory initiatives will introduce changes for financial markets in Europe.

MiFID II, PRIIPs and the Benchmark Regulation (BMR) will introduce new obligations for EU trading venues and their participants.

CME Group’s markets are established in the U.S. under the CFTC’s regulatory framework. In some cases, these EU regulatory initiatives may extend to certain transactions executed on CME Group’s markets and where possible we will assist these firms with the compliance of their obligations.

MiFID II Transaction Reporting

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Packaged Retail and Insurance-Based Investment Products (PRIIPs)

CME are in the process of developing our implementation approach for PRIIPs and so is potentially still subject to change, as further guidance might be issued by the European Authorities.

At this point, it is our intention to publish Key Information Documents (KIDs) for approximately 50 of our products (futures and options on futures); we have also determined that we would have these translated in the following languages: Dutch, French German, Italian and Spanish (in addition to English). We may change the scope of language based on customer feedback but this initial list would capture the main jurisdictions where we believe our retail investor volume comes from.

Whilst we are aware that certain institutions are adopting a high level approach and are looking at creating 1 KID for futures, and 1 KID for options contracts, we feel that it is clearer to break that down a bit further so we are planning to have KIDs per Asset Class (and in some instances sub-asset class), and we would also look at setting out the various permutations that exist for options (put, call, long and short).

 More detail will follow over the next few weeks. 

The European Union Regulation on Benchmarks

Certain provisions in relation to the EU Regulation on Benchmarks (BMR) go into effect 1 January 2018. Administrators of benchmarks provided to EU supervised entities, and use of benchmarks by those entities (as described by the BMR) will become subject to new EU regulatory requirements.

On 8 November 2017, ESMA provided guidance that the transitional provisions applicable to third country benchmarks under Article 51(5) apply where the benchmark is used in the Union on or before 1 January 2020.

Therefore all prices and data provided by CME Group are available for use by EU supervised entities throughout the transitional period until 1 January 2020, subject to having entered into appropriate licensing arrangements where relevant.  We will update market participants regarding our approach under the BMR closer to the expiry of the transitional period. 

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CME Group is happy to assist and to provide information in relation to participation in our U.S. markets, however please note we cannot provide legal advice, so any information we share is purely based on our interpretation and does not constitute legal or other advice.  You should always undertake your own research or obtain your own advice relating to your legal or regulatory obligations, and should not rely on any information provided by CME Group.