Defiant ECB urges ‘further work’ on clearing relocation

Policy-makers moot changes to Emir to tackle systemic risks of third-country CCPs

Fiona van Echelpoel
Fiona van Echelpoel, ECB

Supervisory co-operation “can only go so far” when it comes to the most critical markets handling transactions in euros for European Union counterparties, according to a senior European Central Bank (ECB) official. The ECB remains keen to see the bloc build up clearing services in market segments currently cleared mostly outside the EU.

Citing markets such as interest rate and credit derivatives as critical, Fiona van Echelpoel, the ECB’s deputy director general of market infrastructure, said:

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