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Capital Markets Union: Council adopts new clearing house rules

20/01/2020

On 10 October 2019, the Council adopted revised rules for clearing houses in the single market.

The new framework sets out how EU and third country clearing houses should be supervised in the future, taking particular account of the effects of Brexit on the European financial system. After Brexit, the three CCPs based in the UK will de facto become third-country CCPs.

The aim of the reform is to strengthen the supervision of CCPs in order to take into account the growing size, complexity and cross-border dimension of clearing in Europe. It introduces a unique mechanism within the European Securities and Markets Authority to bring together expertise in the field of CCP supervision and ensure closer cooperation between supervisory authorities and central banks responsible for EU currencies. It will be implemented through a revision of the European market infrastructure regulation (EMIR).

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