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CCP equivalence- US says “I do” too

Following the CFTC-EU Common Approach and the EC’s recognition of US equivalency; the CFTC yesterday unanimously approved a positive “comparability determination”, allowing DCO/CCPs subject to EMIR to benefit from substituted compliance with its clearing regulations. EU-authorised, and hence EMIR-compliant, CCPs will now be effectively absolved from CFTC requirements for financial resources, risk management, settlement procedures […]

EU=US at last- CCP Equivalence announced

The EU and the US have today released a joint statement outlining a common approach to mutual recognition of each other’s CCPs. ESMA will propose an equivalence decision in respect of US CCPs, the CFTC will propose a “determination of comparability” in respect of EU CCPs- each decision will conclude at the same time that […]

Portugal’s First CCP Announced

OMIClear C.C., S.A. has been added today to ESMA’s list of registered central counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR). Under EMIR, EU-based CCPs must be registered and non-EU CCPs recognised in the European Union. The full list of registered CCPs can be found on ESMA’s website.

An Outbreak of Realism Over CCP Loss Allocation?

Risk Magazine is reporting a welcome development in the conversation over CCP Loss Allocation.  Prominent buy-side firms Blackrock and Citadel have accepted that clients of clearing members, and not just the clearing members themselves, should share the pain in the event of a CCP insolvency.  This would help ensure that all market participants are incentivised […]

The “Path Forward” Blocked?

The Wall Street Journal is reporting that the Commodity Futures Trading Commission may rule, by the end of this week, that regulations regarding the central clearing of swaps in five foreign jurisdictions, including those in Europe under EMIR, do not meet equivalence standards.  If confirmed, this development threatens to leave some firms in the position […]

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