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ESMA says Kanpai! to Japanese clearing

ESMA have issued a supplement to their 2nd September 2013 advisory on third country equivalence under EMIR. The September advice assessed the regulatory regime for CCP’s in Japan as fully equivalent in respect of transactions relating to; securities, currencies, interest rates, credit, weather and other indices. The 77 page supplement deals specifically with equivalence for Japanese Commodities CCP’s, detailing 20 points of comparison and concluding that the Japanese system is effectively equivalent to the Title IV requirements of EMIR.

This represents the final tick in the box for Phase I of ESMA’s programme for CCP equivalence assessment, judging both the U.S. and Japan regimes as similar to EMIR in all applicable respects. The advisory will now be passed to the EU Commission for protracted rubber-stamping.

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