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Clearing house association Each takes steps to become formal legal entity

08 February 2012  |  2486 views  |  0 Source: Each

At its meeting on February 3rd in Barcelona, EACH, the European Association of CentralCounterparty Clearing Houses welcomed the upcoming European Market Infrastructure Regulation but also urged regulators to avoid conflicting regulation.

EACH also confirmed its intention to become an ASBL to strengthen its responsiveness and elected Marcus Zickwolff from Eurex Clearing as its new Chairman.

Wherever the needs of market users are met, EACH encourages the use of standardized products and services and supports all measures to improve the safety, integrity and efficiency of financial markets. Having already delivered a number of OTC derivatives clearing services and with further developments being planned, EACH members look forward to continuing to work closely with the European Securities and Markets Authority (ESMA) and national supervisory authorities to suggest appropriate level 2 legislative proposals as requested by the upcoming European Market Infrastructure Regulation (EMIR). On a global level EACH will carry forward its contribution to the principles on financial market infrastructures currently developed by CPSS-IOSCO and to the new Basel III and Capital Requirements Directive (CRDIV) rules on CCP exposures.

To further develop and to further strengthen the responsiveness and efficiency of the association, which acts as the voice of European clearing houses since more than 20 years, EACH also decided to take steps to become a legal entity, an Association Sans But Lucratif (ASBL).

In its recent meeting, Marcus Zickwolff of Eurex Clearing was elected Chairman for a two-year term. His predecessor, Rory Cunningham of LCH.Clearnet, was Chairman for two terms and continues to be a member of the Executive Board. Bhagwant Singh (EuroCCP) and Marco Polito (CC&G) were re-elected to the Executive Committee. Newly elected to the ExecutiveCommittee was Ignacio Solloa (MEFF), and Ann Flodström (SIX x-clear) was elected Treasurer.

Marcus Zickwolff, the new Chairman, said: "CCPs are key to the future market structure, which in Europe, will be shaped by EMIR, MiFID2 and CRDIV. EACH will continue to contribute to the integrity and the stability of the global financial system. Therefore it will closely work together with public authorities as well as the financial industry to achieve safe and efficient financialmarkets by consistent regulation."

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