LCH.Clearnet Ltd, LCH.Clearnet Group's UK-based central counterparty (CCP), today announced that the Bank of England approved its application as a central counterparty under the European Market Infrastructure Regulation (EMIR).
This is the final step in the process, which follows LCH.Clearnet S.A.'s authorisation by L'Autorité de Contrôle Prudentiel et de Résolution (ACPR) on 22 May 2014. It confirms that LCH.Clearnet Ltd's risk management framework, technology, governance, operating model and capital meet the standards required by EMIR.
Michael Davie, Chief Executive of LCH.Clearnet Ltd said: "We are delighted with this affirmation that our services are fully compliant under the EMIR rules. We have worked diligently with our regulators, our members and their clients to develop best-in-class solutions to meet the requirements and we remain fully committed to supporting the market as the European clearing mandates evolve."