
European legislators to exempt CCPs from new bank rules
Support in Council and Parliament suggests leverage ratio, NSFR exemptions will be in final text

Lawmakers are proposing to overrule the European Commission (EC) and exempt derivatives CCPs from incoming capital and liquidity ratios. An exemption is vital to avoid creating perverse incentives for CCPs to take fixed-income securities as collateral, rather than more liquid cash.
“CCPs should not be subject to a leverage ratio requirement, even if these entities may hold a banking licence in
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