The implications of Emir and Dodd-Frank for Asia’s CCPs

Flight risk

keith-noyes
Keith Noyes, Isda

Both the European Market Infrastructure Regulation (Emir) Article 25 and Section 5b of the Commodity Exchange Act (CEA) as modified by the Dodd-Frank Act contain prescriptive rules that may prevent covered persons from participating in third-country clearing houses that have not applied for recognition by the European Securities and Markets Authority (Esma) in the European case or that are not registered as a derivatives clearing organization (DCO) in the US case. The net effect of this could