After confirming plans to adopt a time-limited equivalence decision in July, the European Commission has said equivalence for UK CCPs will now end in mid-2022.
As the European Commission finalises EMIR 2.2, it has confirmed a temporary equivalence decision for UK CCPs from January 2021.
New working group will look to solve complications for pension funds in providing cash collateral as variation margin.
Representatives from LCH and EuroCCP highlight contradicting trends they are seeing in clearing activity throughout Europe following Brexit.
European Commission vice president, Valdis Dombrovskis, said in London today that the EU plans to extend the temporary equivalence for UK CCPs.
AFME, FIA, ISDA and other trade groups have written to the European Commission seeking an extension to equivalence, due to expire in March 2020.
BlackRock, Goldman Sachs, Allianz, JP Morgan and Vanguard are among those raising concerns about CCPs, urging regulators to take action.
Citi’s client cleared swaps margin stood at over $28 billion in the second quarter of the year, representing 27% of the total amount of margin posted for the US swaps market.
Current LCH chief executive, Martin Pluves, is due to step down from the position on 31 July to pursue other opportunities.
BNY said the transaction represents a major new route to market for its securities lending clients without the need to set up direct clearing membership.