European Commission and CFTC Publish Announcement on EU/US Clearing Equivalence

February 16, 2016

The European Commission and the U.S. Commodity Futures Trading Commission (“CFTC”) announced a “common approach for transatlantic CCPs” on 10 February 2016. Under this “common approach,” the European Commission has pledged to shortly adopt an equivalence decision with respect to CFTC requirements for U.S. Central Clearing Parties. This significant decision has taken over three years to negotiate, and will allow the European Securities and Markets Authority ("ESMA") to recognize clearing with a CFTC-registered CCP as meeting the European Market Infrastructure Regulation ("EMIR") clearing requirements.

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