Annex I · sector 4 of 18
NIS2 for Financial market infrastructures
Same DORA interaction as banking, with the added weight of EMIR and MiFID II operational resilience requirements that predate both.
Annex
I
Default class
Essential
Supervision
ex ante
Maximum fine
10 M€ / 2 %
Which entities are covered
Operators of trading venues and central counterparties (CCPs).
Sub-sectors named in the annex
- Trading venues
- Central counterparties
Scope traps specific to this sector
Trap 1
CCPs and trading venues are financial entities under DORA, so the lex specialis rule applies.
Trap 2
Concentration risk in ICT providers is scrutinised more heavily here than anywhere else outside DORA itself.
What else applies to you
DORA; EMIR for CCPs; MiFID II for trading venues.
NIS2 rarely arrives alone. Where another EU act covers the same ground and is at least equivalent in effect, article 4 disapplies the corresponding NIS2 provisions — but only those, and only where that test is met.