EU clearing houses want global standard on procyclicality

CCPs fear Europe will adopt its own prescriptive rules despite ongoing international consultation


European Union rules to reduce the procyclicality of margin requirements have been delayed by other regulatory discussions, sources say, but clearing houses would now like to see the EU adopt a much less prescriptive approach.

Dmitrij Senko, chief risk officer (CRO) at Eurex Clearing, says the line recommended by the European Securities and Markets Authority “could be making the process around [anti-procyclicality tools] more prescriptive”. An industry source describes Esma’s approach as

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