Journal of Financial Market Infrastructures

Clearing away after Brexit?

Dermot Turing

A new legal framework for the regulation of non-European Union (non-EU) central counterparties (CCPs) operating in the EU came into force in 2020, which empowers the European Securities and Markets Authority (ESMA) in a supervisory role and allows it to recommend the relocation of systemically important CCPs. Brexit will require reclassification of the systemically important CCPs of the United Kingdom. This paper analyzes, from a legal perspective, the new framework, the roles and responsibilities of the European Central Bank, ESMA and the European Commission, and the possible outcomes for UK CCPs once Brexit is complete.

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