QCCP stand-off could hurt EU banks, says CME's Taylor

Capital hit could drive EU banks out of US CCPs, leaving them unable to provide clients with clearing services

kim-taylor-clearport
Kim Taylor, CME Clearing

European banks will suffer if EU authorities do not give the thumbs-up to US clearing house rules, according to Kim Taylor, chief executive of CME Clearing – the result of a huge jump in capital requirements that would apply to trades they clear with US central counterparties (CCPs).

A ruling that US and EU rules are equivalent would remove that danger, allowing the European Securities and Markets Authority (Esma) to grant US clearing houses so-called qualifying CCP (QCCP) status, but this needs

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