09.17.2021

EU Asked to Extend Equivalence for UK CCPs

09.17.2021

On September 16, 2021, ISDA and eight other trade associations representing a broad group of market participants (the Association for Financial Markets in Europe, the Alternative Investment Management Association, the European Association of Public Banks, the European Banking Federation, the European Fund and Asset Management Association, the Futures Industry Association, the Investment Company Institute and the asset management group of the Securities Industry and Financial Markets Association) sent a letter to European Commission (EC) commissioner Mairead McGuiness, requesting that the EC extend its equivalence decision for UK central counterparties.

This equivalence decision is set to expire on June 30, 2022, although the associations request that the EC provide clarity as soon as possible and well in advance of March 2022 in order to prevent negative financial, commercial, operational and level playing-field effects on EU counterparties and clearing members and to enable continued access to global pools of liquidity after June 30, 2022.

The letter can be read here.

Source: ISDA

Related articles

  1. UK Launches Asset Management Review

    UK has a greater market share than pre-Brexit for on-venue execution of GBP interest rate swaps.

  2. AFME Warns on ‘Brexit’

    Recognition has been temporarily extended until 30 June 2025.

  3. The trade repository has been providing UK services since the first business day after Brexit on 4 Jan 2021.

  4. Brexit Muddles Future of UK-EU Linkage

    European firms could operate temporarily in the UK after Brexit while seeking full authorisation.

  5. Brexit Muddles Future of UK-EU Linkage

    The total value of UK financial services exports remained stable in 2020.