The news we’re reading this week includes –
- EU in bid to give ESMA CCP relocation power – The Trade, 13th June
In further news, following the UK’s decision to leave the EU, plans have been confirmed by the European Commission to tighten supervision of central counterparties (CCPs) within the EU. They’ve also handed the ESMA the authority to relocate those considered ‘systematically important’.
The proposal will see stricter requirements for Euro clearing with a ‘two tier’ system for classifying third country CCPs. Following the historic vote in June, European politicians are concerned that as most euro clearing currently takes place in the UK, it will be considered a third country once it leaves it Union.
- SIX Securities Services adds US Equity and Fixed Income securities on the CO:RE trading platform – Automated Trader, 15th June
SIX Securities Services has enhanced its tri party offering by adding US Equity and Fixed Income securities for financing on the CO:RE Repo trading platform and for general tri-party collateral management.
Nerin Demir, Head of SIX Repo Ltd said that “the need to provide a broader range of collateral for refinancing on the CO: RE Trading Platform already plays an important international role in the interbank market and naturally we want to meet the needs of our clients with this product basket expansion and enhancement.”
- Brussels insists on power to control euro clearing after Brexit – Financial Times, 12th June
- ESMA chief vows no more MiFID II delays – Global Custodian, 7th June