EU regulators concerned by CFTC's foreign CCP rules

UK's Financial Conduct Authority warns outlined Commodity Futures Trading Commission regime may not pass equivalence test, potentially leaving US central counterparties out in the cold

FCA headquarters, Canary Wharf

European regulators are warning that planned US rules for foreign clearing houses that would bar them from accepting US clients could prevent US central counterparties (CCPs) being approved under Europe's own rules.

The prospect of an authorisation tug-of-war stems from the European Market Infrastructure Regulation (Emir), which states that a country's clearing regulation can only be deemed equivalent if it has a reciprocal regime for authorising European and other third-country clearers.


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