Eurex Clearing, Europe's leading clearing house, announced today that its national competent authority BaFin (Federal Financial Supervisory Authority) has approved its application as a clearing house in accordance with the European Market Infrastructure Regulation (EMIR).
BaFin issued today the relevant licence to Eurex Clearing AG. BaFin's decision follows the concluded process among the college of regulators. The college included ESMA, the Eurosystem, several central banks and supervisory authorities from eight Member States.
"Our EMIR authorisation is an important milestone and confirms full compliance of our clearing services with the EMIR rules" says Thomas Book, CEO of Eurex Clearing. "We are very happy that at this stage Eurex Clearing can provide its clients and members with the clarity and reassurance needed to undertake their readiness planning and onboarding preparation for the looming clearing mandate in Europe."
Eurex Clearing submitted its application to BaFin for authorisation pursuant to EMIR on 1 August 2013. It was determined complete on 11 October 2013. The risk assessment report by BaFin concluding full EMIR compliance of Eurex Clearing's application, was submitted to the College established for Eurex Clearing on 10 February 2014. On 10 April 2014 the authorization was granted within the foreseen timeline.
Eurex Clearing is one of the leading central counterparties globally - assuring the safety and integrity of markets while providing innovation in risk management, clearing technology and client asset protection. Eurex Clearing provides fully-automated, straight- through post-trade services for derivatives, equities, bonds and secured funding & financing, as well as industry-leading risk management technologies.
With EurexOTC Clear for IRS, Eurex Clearing offers integrated clearing and collateralization of OTC transactions and exchange-traded derivatives under the umbrella of a single clearing house in a uniform legal framework covering all products. The new OTC clearing service sets new standards in security and efficiency.
As part of Eurex Group, Eurex Clearing serves more than 190 clearing members in 16 countries, managing a collateral pool of around EUR 48 billion and processing gross riskks valued approx. EUR 15.9 trillion every month.