EuroCCP Granted EMIR Authorization

The Dutch central bank has authorized European Central Counterparty (EuroCCP) as a central counterparty under the European Market Infrastructure Regulation (EMIR).

The authorization means that the central counterparty can conduct business in any EU Member State without the need for further local regulatory approvals.

De Nederlandsche Bank (DNB), the EuroCCP’s EMIR National Competent Authority, confirms that the cash equities clearer complies with EMIR, which includes requirements in respect of risk management, governance and capital.

The procedure for authorization includes the opinion of the EMIR college established by DNB. Owing to EuroCCP’s pan-European business, the college consists of 19 regulators from 11 jurisdictions and the European Securities and Markets Authority (ESMA).

Diana Chan, CEO of EuroCCP, says, “Receiving authorisation under EMIR is a major step for EuroCCP. It confirms to clearing participants, their clients and the trading platforms that EuroCCP’s risk management framework, operating model and technology meet the safety standards required by EMIR.”