7/12/2022

Derivatives clearing: From London to EU

The EU wants to reduce the dependence of its financial sector on third countries and sets out plans to shift derivatives clearing from London to the EU. On 7 December 2022, EU Commissioner Mairead McGuinness presents the Commission's clearing strategy.

Thomas Richter, CEO of the German Investment Funds Association BVI, says: ‘It is good that the Commission wants to reduce the dependence of asset managers in the EU on clearing houses in third countries and so reduce risks to financial stability. Therefore, we welcome measures that facilitate the process of transition for market participants, such as setting up active accounts with clearing houses in the EU. The Commission should not give up its aim of moving euro clearing to the EU. This would ensure that the clearing of OTC derivatives takes place within the required EU framework and result in improved investor protection.’


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