UK Clearing Houses Can Cope With EU/US Equivalence Deal, Market Participants Say
By Jon Rees
February 2, 2021, S&P Global Market Intelligence
The U.K.’s clearing industry does not expect to lose out to U.S. firms now that the European Union has granted equivalence status to more U.S. clearing houses, according to market participants.
The EU has said the U.S. Securities and Exchange Commission regime for US central counterparties, or CCPs, is equivalent to EU rules. This will allow U.S. clearing houses to apply for recognition by the European Securities and Markets Authority, or ESMA, which, once granted, will allow them to provide clearing services to the EU.
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