22/3/2023

Moving Euro Clearing to the EU

The EU Parliament will soon start negotiations on the EMIR reform. Negotiations are already ongoing in the Council. A key aspect of the EMIR reform is the clearing of OTC derivatives. The EU Commission had presented its clearing strategy on 7 December 2022 as part of a package of measures to enhance the Capital Markets Union.

Rudolf Siebel, Managing Director of the German Investment Funds Association BVI, says:

‘It is good that the Commission wants to reduce the dependence of asset managers in the EU on clearing houses in third countries and so reduce risks to financial stability. Therefore, we welcome measures that facilitate the process of transition for market participants, such as setting up active accounts with clearing houses in the EU. Active accounts are an acceptable compromise to maintain a competitive and efficient clearing ecosystem.’

‘The EU Parliament and the Council should support the EU Commission in moving euro clearing to the EU. This would ensure that the clearing of OTC derivatives takes place within the required EU framework and result in improved investor protection.’


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