Segregation clash could stop European firms using US CCPs

Some European buy-side firms will have to clear indirectly – through a local clearing member linked to a US counterpart – in order to access clearing houses in the US. But US clearing members cannot comply with European rules on asset protection – and that could be a problem. Joe Rennison reports

Rudolf Siebel

Buy-side firms in France, Germany and other European Union (EU) countries may not be able to use central counterparties (CCPs) in the US because of a clash between the two jurisdictions’ segregation regimes. It is a particular problem for credit markets. Currently, only CME Group and Ice Clear Credit offer client clearing for credit default swaps – and both are in the US.

“It is important for German asset managers to have access to US CCPs because of investments not cleared in Europe,” says

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