Uncertainty over Emir may force European banks from some Asia OTC markets
The deadline is approaching for regulators to establish what European banks can clear and where on Asian CCP platforms ahead of OTC market standards going live from March 15
European banks face being cut out of some Asian derivative markets due to the high level of uncertainty over the central counterparty (CCP) services that can be included within the March 15 deadline for the six-month grace period before third-country CCPs must apply for recognition by the European Securities and Markets Authority (Esma).
The European Commission said in a February 8 update to FAQs on the European Market Infrastructure Regulation (Emir) that third-country CCPs currently serving
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