recognised exchanges
as defined in Directive 2006/48/EC of the European Parliament and of the Council of 14 June…, Article 4, point (47)
exchanges which are recognised as such by the competent authorities and which meet the following conditions: (a) they function regularly; (b) they have rules, issued or approved by the appropriate authorities of the home country of the exchange, defining the conditions for the operation of the exchange, the conditions of access to the exchange as well as the conditions that shall be satisfied by a contract before it can effectively be dealt on the exchange; and (c) they have a clearing mechanism whereby contracts listed in Annex IV are subject to daily margin requirements which, in the opinion of the competent authorities, provide appropriate protection.
Install the extension for EUR-Lex
Also defined in
- Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and… 32000L0012, Article 1, point (27)
exchanges recognised by the competent authorities which: (i) function regularly, (ii) have rules, issued or approved by the appropriate authorities of the home country of the exchange, which define the conditions for the operation of the exchange, the conditions of access to the exchange as well as…