EU regulation of CCPs
EU regulation of CCPs

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • EU regulation of CCPs
  • What are CCPs and what do they do?
  • Post-crisis reforms of the OTC derivatives markets including mandatory clearing
  • Scope of regulation of CCPs under EMIR
  • EMIR REFIT and EMIR 2.2
  • Principal areas related to CCPs covered in EMIR
  • Preventing CCP failure
  • Conflicts of interest
  • Business continuity
  • Clearing one derivative contract through two CCPs
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for derivatives lawyers?

CORONAVIRUS (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the coronavirus (COVID-19) outbreak. We are reviewing our content on the basis of information available and will keep it under regular review. For information on key developments and related practical guidance on the implications for lawyers, see: Coronavirus (COVID-19) toolkit and Practice Note: Coronavirus (COVID-19)—implications for derivatives transactions—Implications for CCPs.

What are CCPs and what do they do?

A central counterparty (CCP) is a type of financial institution (also known as a clearing house) which facilitates the clearing of both over-the-counter (OTC) derivatives and exchange-traded derivatives (ETDs).

A derivative is a type of financial instrument whose value is determined by reference to (and so derived from) an underlying asset, index, rate, reference point or risk (referred to as the underlying asset or underlying). Derivatives are bi-lateral

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