Esma takes flak over vague CCP enhanced supervision plans

JP Morgan calls for more quantitative thresholds for determining systemic foreign CCPs

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Draft plans from the European Securities and Markets Authority (Esma) on designating non-European central counterparties as subject to enhanced supervision – so-called tier two CCPs – are too vague, an executive director at JP Morgan has complained.

“[The tiering consultation suggests] what the indicators are for the European Commission to look at on how they assess a CCP [is a tier two CCP],” said Farida El-Gammal, an executive director of global clearing regulatory change at JP Morgan, at the

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