EU Floats Non-EU Clearinghouse Rules To Boost Security
Law360, London (June 11, 2020, 2:50 PM BST) -- The European Commission said Thursday it is circulating proposed new rules for central clearinghouses outside the bloc that trade with EU member states, in a move to boost financial security within the region.
The EU's executive arm said it has launched a public consultation on draft rules that will determine how strictly the bloc regulates central counterparties based outside Europe but which offer services to European consumers. The companies, known as CCPs, centralize and guarantee some derivative trades.
"Protecting financial stability is one of our key priorities, and CCPs play a systemic role in our financial system," Valdis Dombrovskis, an executive vice-president...
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