ECB: don’t expect equivalence extension for UK CCPs

Central bank official says EC likely to stick to June 2022 deadline

European Central Bank, Frankfurt
The ECB is part of a working group set up to decide whether to extend the temporary equivalence offered to UK CCPs

The European Commission is likely to stick with its June 2022 deadline for halting equivalence for UK central counterparties, says an executive at the European Central Bank.

Despite concerns that a lack of equivalence for UK CCPs could hurt European firms, Fiona van Echelpoel, deputy director general of market infrastructure and payments at the ECB, says the EC will stand firm.

“I think the aim of the Commission, and precisely the reason for setting the period of 18 months, was to keep the

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