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EuroCCP receives Emir authorisation

03 April 2014  |  957 views  |  0 Source: EuroCCP

European Central Counterparty N.V. (EuroCCP), the largest cash equities clearer in Europe, announced that it is now an authorised central counterparty under the European Market Infrastructure Regulation (EMIR).

De Nederlandsche Bank (DNB, the Dutch central bank) granted authorisation, being EuroCCP's EMIR National Competent Authority. By granting the license, DNB confirms that EuroCCP complies with EMIR, which includes requirements in respect of risk management, governance and capital.

Diana Chan, CEO of EuroCCP, said, "Receiving authorisation under EMIR is a major step for EuroCCP. It confirms to Clearing Participants, their clients and the trading platforms that EuroCCP's risk management framework, operating model and technology meet the safety standards required by EMIR."

The procedure for authorisation includes the opinion of the EMIR college established by DNB. Owing to EuroCCP's pan-European business, the college consists of 19 regulators from 11 jurisdictions and the European Securities and Markets Authority (ESMA). Once authorised, a central counterparty can conduct business in any EU Member State without the need for further local regulatory approvals. 

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