EC considers six-month pause for CME's ‘doomsday clock’
With the December 15 deadline approaching, EC official suggests it may be possible to protect members of foreign CCPs from capital hit for up to six months
The European Commission is considering giving its markets watchdog a further six months to assess whether clearing house rules in foreign jurisdictions match up to those in the European Union, postponing a potential capital hit for banks that use non-approved central counterparties (CCPs). Capital requirements were due to jump on December 15 – a supposedly immovable deadline that has been described as a "big doomsday clock" by one CME Group executive.
Speaking at a Futures Industry Association
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