Clearing away after Brexit?

11 Pages Posted: 29 Dec 2020 Last revised: 5 Feb 2021

Multiple version iconThere are 2 versions of this paper

Date Written: May 30, 2020


A new legal framework for the regulation of non-EU CCPs operating in the European Union came into force in 2020, which empowers ESMA into a supervisory role and allows ESMA to recommend relocation of systemically important CCPs. Brexit will require reclassification of the systemically important CCPs of the UK. This paper analyses from a legal perspective the new framework, the roles and responsibilities of the ECB, ESMA and the European Commission, and the possible outcomes for UK CCPs once Brexit is complete.

Keywords: Clearing, systemically important CCPs, ECB, relocation, Brexit

Suggested Citation

Turing, Dermot, Clearing away after Brexit? (May 30, 2020). Available at SSRN: or

Dermot Turing (Contact Author)

Kellogg College, Oxford ( email )

60-62 Banbury Road
Oxford, OX2 6PN
United Kingdom

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