CCP12 generally supportive of ESMA’s proposals on trading obligations

Article summary

The Global Association of Central Counterparties (CCP12) has published its response to the European Securities and Markets Authority (ESMA)'s consultation paper on the clearing and derivative trading obligation in view of the benchmark transition. The response is generally supportive of ESMA’s proposals to adapt the mandates to reflect the transition to the new risk-free rates preparing for the cessation of the GBP and JPY LIBORs and EONIA (Euro Overnight Index Average). CCP12 is the global organisation for central counterparties (CCPs) representing 38 members who operate more than 60 individual CCPs globally across the Americas, EMEA countries and the Asia-Pacific region.