Clearing away after Brexit?
11 Pages Posted: 29 Dec 2020 Last revised: 5 Feb 2021
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: Suggested Citation