Abstract: The separating valve is intended for discharging the liquid phase of a two-phase fluid. It comprises a seating and a valve member, the latter being actuated to open by a float at the end of a first arm of a lever, whose other arm comprises a cam which engages in a neck of the shank of the valve member. The seating comprises a port at the center of a flat face from which projects a sleeve for guiding the shank of the valve member. Directed towards the flat face, the valve member comprises a flat plate from which there projects a truncated conical valve needle. Between seating and valve member there is defined an annular space communicating by three passageways with the chamber for receiving the liquid phase: one passageway which is an extension of a slot where the lever arm fits, and two passageways along a diameter perpendicular to the slot and tangential to the flat face.