FIA congratulates the Council of the EU and the European Parliament on reaching a provisional political agreement on the review of the European market infrastructure regulation and directive (EMIR 3.0). FIA supports positive incentives to further enhance the attractiveness of EU clearing and EU capital markets. However, FIA remains convinced that any measures to increase the attractiveness of EU clearing should be guided by the principle of facilitating client choice on where to clear and protecting the international competitiveness of EU market participants.
CONTINUE READINGFIA and ten other trade associations have urged EU policymakers to delete the Active Account Requirement proposed in EMIR 3.0. The associations, which represent European end users of derivatives along with providers of clearing services, highlight the detrimental implications of the proposed requirement on EU capital markets, including fragmentation, loss of netting benefits, and making the EU less resilient to market stresses with no benefit to EU financial stability.
CONTINUE READING"Cleared derivatives markets are truly global and know no boundaries, so FIA is pleased to see this MoU as a tangible sign of the commitment between the EU and UK to work together and usher in a renewed era of cooperation," said FIA President and CEO Walt Lukken.
CONTINUE READING The European Commission has proposed that firms subject to the EU clearing obligation should have an active account at an EU CCP, while giving the European Securities and Markets Authority the power to define the portion of certain euro- and Polish zloty-denominated contracts that should be cleared through those accounts via secondary regulation. Changes to capital rules would reinforce this, making it less commercially viable for EU market participants to clear through
CCPs based outside the EU.
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