25/03/2022 (Agence Europe) – The European Securities and Markets Authority (ESMA) announced on Friday 25 March its decision to temporarily extend the application of recognition decisions for the rules governing the three UK-based clearing houses (CCPs) (ICE Clear Europe, LCH and LME Clear) until 30 June 2025. This decision, which is based on the Market Infrastructure Regulation (648/2012), is in line with the European Commission’s implementing decision from February (see EUROPE 12886/17). A CCP enhances financial stability by interposing itself between two counterparties to a contract. The main objective is to manage the risk that could arise if one of the counterparties defaults. ESMA has also updated its decisions of September 2020 which allowed the recognition of 25 clearing houses from third countries such as India, Mexico, Switzerland and Dubai. It recognised for the first time the US CCP, National Securities Clearing Corporation. (AD)