EU-US clearing deal ‘good enough’ to avoid CME exodus
Banks had planned to quit US clearer on February 21
A framework European Union-US agreement on clearing house supervision, announced today (February 10), is expected to head off a threatened exodus of European banks from US central counterparties (CCPs) later this month.
Without a ruling that CCP supervision in the US was equivalent to the European Market Infrastructure Regulation (Emir), US clearing houses could not be approved for use by European banks and their branches – and any subsidiaries that chose to continue clearing would face far
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