Clearing and Settlement

On 29 October 2024, the European Banking Authority (EBA), in cooperation with the other European Supervisory Authorities, issued a short survey addressed to entities within the scope of the initial margin (IM) model authorisation regime introduced by the upcoming revised European Market Infrastructure Regulation (EMIR 3).

Background

EMIR 3

On 15 October 2024, the Committee on Payments and Market Infrastructures (CPMI) issued the following reports which offer insights into enhancing cross-border payments by facilitating the interlinking and interoperability of payment systems:

  • Linking fast payment systems across borders: governance and oversightfinal report. This final report informs owners and operators of

On 15 October 2024, the European Securities and Markets Authority (ESMA), the European Commission and the European Central Bank issued a joint statement regarding the next steps to support the preparations towards a transition to T+1.

Among other things the statement notes that given the high level of interconnectedness between the EU capital

On 30 September 2024, the European Securities and Markets Authority (ESMA) issued a press release containing further details on the selection of Consolidated Tape Providers (CTPs) for bonds and for shares and exchange-traded funds (ETFs).

Key points from the communication include:

  • ESMA will launch the selection procedure for the

On 10 September 2024, the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024 were made and published on legislation.gov.uk, along with an explanatory memorandum.

The Regulations extend:

  • The temporary recognition regime (TRR) for overseas central counterparties (CCPs) by 12 months, so that the expiry date is pushed back until

On 9 July 2024, the European Securities and Markets Authority (ESMA) issued the following consultation papers on the Central Securities Depositories Regulation (CSDR) Refit:

  • Consultation paper on the draft regulatory technical standards (RTS) on the information notified by third-country central securities depositories (TC CSDs). CSDR Refit introduces

On 9 July 2024, the European Securities and Markets Authority (ESMA) published the results of its fifth stress test exercise for central counterparties (CCPs).

Whilst the stress test confirmed the overall resilience of the EU clearing landscape it also found that some gaps persist in the coverage of concentration risk across

On 25 April 2024, the Financial Stability Board (FSB) issued a report on financial resources and tools for central counterparty (CCP) resolution.

In the report, which incorporates feedback from a public consultation, the FSB identifies a toolbox approach as an effective means for resolution authorities to support CCP resolution. In

On 25 April 2024, the European Parliament issued a press release stating that it had adopted the text of a proposed Regulation amending the European Market Infrastructure Regulation as regards measures to mitigate excessive exposures to third country central counterparties (CCPs) and improve the efficiency of EU clearing markets (EMIR 3).

On 24 April 2024, the European Securities and Markets Authority (ESMA) published a follow up report which sets out the main outcomes of the global central counterparty (CCP) fire drill that took place during the week starting 13 November 2023. The exercise involved over 30 global CCPs running a simulation of