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Free AccessCommission Unveils Clearing Plans; Banks To Require Active Accounts In EU
The European Commission has released its latest plans regarding clearing, corporate insolvency and company listing, in an effort to 'make EU capital markets more attractive'. One of the major sections of the plan is the requirement to, "Reduce excessive exposures of EU market participants to central counterparties in third countries, particularly for derivatives identified as substantially systemic by the ESMA".
- The proposal, "...requires all relevant market participants to hold active accounts at EU CCPs for clearing at least a portion of certain systemic derivative contracts."
- The move is seen as a direct effort to draw business away from the City of London in the aftermath of the UK's exit from the European Union.
- Commission press release: https://ec.europa.eu/commission/presscorner/detail...
- Full details: https://ec.europa.eu/finance/docs/law/221207-propo...
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.