BME Clearing, the BME subsidiary that provides clearing services as a Central Counterparty (CCP), announced today that its national competent authority, CNMV, has approved its application as a CCP in accordance with the European Market Infrastructure Regulation (EMIR).
The CNMV's decision follows the concluded process among the European college of regulators, which included ESMA, the Eurosystem, several central banks and supervisory authorities from Member States.
The approval is acknowledgement that BME Clearing's operating model, organisation, governance, technology, risk management system and capital comply with all the requirements laid down in EMIR.
Ignacio Solloa, Chief Executive Officer of BME Clearing said: "The authorisation received is a major milestone after 25 years successfully running a CCP and a well-deserved acknowledgement of full compliance of our CCP with the EMIR rules. The approval marks the end of a process of hard work with regulators, members and clients as well as the start of a new scenario in the area of clearing. It also highlights our strong commitment with the market and the regulators".