For the European Pension Fund community, 2023 brings about important changes as the European Commission sets out its position on the future of euro derivatives clearing activity within the EU, and the PSA mandatory clearing exemption comes to an end in June.
The European Commission has set an objective to build a strong and attractive central clearing capacity in the EU through a combination of different policy measures that are under consultation. In December last year, it published its proposal to revise the clearing framework. With the so-called active account approach, the Commission aims to effectively rebalance relevant clearing activities to the EU to reduce systemic risks whilst still allowing for choice and flexibility to clear outside the EU. It, therefore, strikes a good balance between the regulatory objectives and market participants’ competitiveness concerns.
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