Brussels, 30/06/2014 (Agence Europe) - The European Commission will soon be commenting on the equivalence of rules for central clearing houses (CCPs) for financial derivatives in five non-EU countries.
In a press release issued on Friday 27 June, Internal Market Commissioner Michel Barnier said: “I intend to propose shortly that the European Commission adopt 'equivalence' decisions that will allow CCPs from five countries outside the EU - Japan, Singapore, Australia, Hong Kong and India - to clear EU derivatives trades”.
Barnier said he was “confident that this will also include the USA whose CCPs are truly global market infrastructures. Our technical talks with the CFTC are progressing well and I am confident that we can agree on outcomes-based assessments of our rules and on aligning key aspects of margin requirements to avoid arbitrage opportunities. If the CFTC also gives effective equivalence to third country CCPs, deferring to strong and rigorous rules in jurisdictions such as the EU, we will be able to adopt equivalence decisions very soon”. (MB)