In September 2018, we published a direction (PDF) that clarified how market operators (as defined by MiFID II) from the European Economic Area (EEA) can apply to become a recognised overseas investment exchange (ROIE). This would enable EEA market operators to continue to provide their members based in the UK with access to their market, should they no longer be able to rely on MiFID II passport rights once the UK leaves the EU. Since then, several market operators from the EEA have applied or expressed a formal intention to apply to become ROIEs.
To help UK users of EEA trading venues plan, we are now publishing a list of the EEA market operators which have applied to us for ROIE or expressed a formal intention to do so and have consented to be included on this published list. If an EEA operator is not on this list, it does not necessarily mean that UK users will not be able to access trading venues operated by that operator. Overseas market operators which can use the overseas persons exclusion or which do not carry on regulated activities in the UK do not have to seek recognition as a ROIE. The relevant legislative reference is Article 72 Financial Services and Markets Act 2000 (Regulated Activities Order) 2001, and the relevant guidance can be found in PERG 2.9.15 ff.
Please also note that just because an operator is on this list, it should not be taken as evidence that its application is likely to succeed.
Any EEA market operator which has not yet applied but which believes it may require ROIE status should contact [email protected] immediately.
List of current ROIE applicants and intended applicants
The following EEA market operators have applied or given us a formal intention to apply for ROIE status in the UK:
- Borsa Italiana SpA (intended)
- MTS S.p.A. (intended)
- Nasdaq Oslo ASA
The following EEA market operators have been granted ROIE status following the above direction:
- Boerse Frankfurt Zertifikate AG
- Cboe Europe B.V.
- Deutsche Boerse AG
- Eurex Frankfurt AG
- Euronext Amsterdam NV
- Euronext Paris SA
- European Energy Exchange AG
- ICE Endex Markets B.V.
- Powernext SAS
The above lists will be updated from time to time, and do not supersede the FCA Financial Services Register which includes the full list of market operators who have been granted ROIE status.
The Bank of England has published a list of central counterparties (CCPs) that will enter the Temporary Recognition Regime if the UK leaves the EU with no implementation period.