EC to snub US in first wave of CCP equivalence decisions

US will not be in first wave of five approvals for "most advanced" countries

European commission

The European Commission (EC) is set to snub the US in its first round of approvals for foreign clearing house rules, arguing it does not yet have all the relevant rules in place. US regulatory and clearing sources claim the EC has put the decision on hold in an attempt to strong-arm the US into changing its rules on third-country CCPs.

If no equivalence ruling arrives by December 15, US CCPs would be far more expensive in capital terms for European banks, and some banks have already warned they

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