Europe will open gates to US CCPs, says Massad

CFTC adopts substituted compliance for European CCPs; US clearers still waiting on Esma approval

Timothy Massad: "I expect… no problem completing the recognition process in a timely manner"

US clearing houses should have "no problem" getting approval to operate in the European Union after the US Commodity Futures Trading Commission (CFTC) unanimously approved a substituted compliance framework for European central counterparties (CCPs) that are dually registered with US regulators, CFTC chairman Timothy Massad said today (March 16).

The substituted compliance determination satisfies the CFTC's obligations under its deal with the EU, reached on February 10, regarding the cross

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