EU banks plan to flee CME when key Emir date arrives

CCP oversight stand-off leaves banks in a bind as Feb 21 frontloading deadline nears

Loss of dealer business would be a blow to CME

Some European banks will stop clearing at CME Group in less than three weeks, unless a protracted stand-off about clearing house oversight can be quickly resolved.

Without a ruling that US supervision is equivalent to the European Market Infrastructure Regulation (Emir), there is a risk any trades sent to CME from February 21 – an Emir milestone – would later be deemed non-compliant. Two banks have told Risk they will stop using the US central counterparty (CCP), and others are said to have come

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