EU Extends Equivalence For UK Clearinghouses

By Lucia Osborne-Crowley (November 11, 2021, 12:28 PM GMT) -- The European Union plans to extend the scheduled June deadline for U.K.-based clearinghouses that serve the bloc's derivative trades to help protect the stability of its financial markets after Brexit.

The European Commission, the EU's executive arm, said on Wednesday that it will give three U.K. clearinghouses — ICE Clear Europe Ltd., LCH Ltd. and LME Clear Ltd. — more time for them to be recognized as eligible to clear trades between the bloc's entities.

The EU had planned to stop recognizing U.K. clearinghouses, also known as central counterparties or CCPs, in June 2022. 

"From the very start of Brexit discussions,...

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