{
  "url": "https://openlegislation.uk/eu-regulation-2014-600/article-37",
  "json_url": "https://openlegislation.uk/eu-regulation-2014-600/article-37.json",
  "legislation": "eur/2014/600",
  "legislation_title": "Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2014-600",
  "path": "article/37",
  "kind": "article",
  "number": "37",
  "heading": "Non-discriminatory access to and obligation to licence benchmarks",
  "text": "1. Where the value of any financial instrument is calculated by reference to a benchmark, a person with proprietary rights to the benchmark shall ensure that CCPs and trading venues are permitted, for the purposes of trading and clearing, non-discriminatory access to:\n(a) relevant price and data feeds and information on the composition, methodology and pricing of that benchmark for the purposes of clearing and trading; and\n(b) licences.\nA licence including access to information shall be granted on a fair, reasonable and non-discriminatory basis within three months following the request by a CCP or a trading venue.\nAccess shall be given at a reasonable commercial price taking into account the price at which access to the benchmark is granted or the intellectual property rights are licensed on equivalent terms to another CCP, trading venues or any related persons for the purposes of clearing and trading. Different prices can be charged to different CCPs, trading venues or any related persons only where objectively justified having regard to reasonable commercial grounds such as the quantity, scope or field of use demanded.\n2. Where a new benchmark is developed after 3 January 2018 the obligation to licence starts no later than 30 months after a financial instrument referencing that benchmark commenced trading or was admitted to trading. Where a person with proprietary rights to a new benchmark owns an existing benchmark, that person shall establish that compared to any such existing benchmark the new benchmark meets the following cumulative criteria:\n(a) the new benchmark is not a mere copy or adaptation of any such existing benchmark and the methodology, including the underlying data, of the new benchmark is meaningfully different from any such existing benchmark; and\n(b) the new benchmark is not a substitute for any such existing benchmark.\nThis paragraph shall be without prejudice to the application of competition rules ....\n3. No CCP, trading venue or related entity may enter into an agreement with any provider of a benchmark the effect of which would be either:\n(a) to prevent any other CCP or trading venue from obtaining access to such information or rights as referred to in paragraph 1; or\n(b) to prevent any other CCP or trading venue from obtaining access to such a licence, as referred to in paragraph 1.\n4. The FCA and the Bank of England may make technical standards to specify:\n(a) the information through licensing to be made available under paragraph 1(a) for the sole use of the CCP or trading venue;\n(b) other conditions under which access is granted, including confidentiality of information provided;\n(c) the standards guiding how a benchmark may be proven to be new in accordance with paragraph 2(a) and (b).\n...\n...",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Regulation revoked (5.4.2024 for the revocation of Sch. 3 paras. 17, 34-39, 1.12.2025 for the revocation of Art. 18b, 30.3.2026 for the revocation of Arts. 4, 4a) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 1 (with s. 1(4)); S.I. 2023/1382, reg. 4(b); S.I. 2025/1078, regs. 4(b), 6(b)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Substituted by Regulation (EU) 2016/1033 of the European Parliament and of the Council of 23 June 2016 amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories (Text with EEA relevance)."
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Art. 37(2) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 31(3)(a) (with savings in S.I. 2019/680, reg. 11) (as substituted by S.I. 2020/628, regs. 1(3), 7(3)(a)); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Art. 37(4) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 31(3)(b)(i) (with savings in S.I. 2019/680, reg. 11) (as substituted by S.I. 2020/628, regs. 1(3), 7(3)(a)); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in Art. 37(4) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 31(3)(b)(ii) (with savings in S.I. 2019/680, reg. 11) (as substituted by S.I. 2020/628, regs. 1(3), 7(3)(a)); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2014/600/article/37",
    "retrieved_at": "2026-11-01T14:47:36.068868+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}