ESMA · ESMA_QA_849 Answer Published

Most relevant currencies for the determination of participation in a college (old CCP question 2 dated 20/03/2013)

Name: Most relevant currencies for the determination of participation in a college (old CCP question 2 dated 20/03/2013): ESMA Q&A — EU Financial Regulatory Q&A
Creator: European Securities and Markets Authority
License: https://creativecommons.org/licenses/by/4.0/

Regulation: Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
Article: Article 18 of EMIR - old CCP question 1 dated 20/03/2013
Topic: EU-CCPs
Submitted: 2023-04-27
Answered: 2013-03-20

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Question

Which are the criteria to be used by a new entity that applies for authorisation as a CCP, if the respective entity has not performed any clearing activities before?

Answer

In the case of a new entity which has not performed any clearing activities before, the determination of the most relevant currencies for the purpose of membership of the CCP college would be performed on the basis of the relative share of each currency in the estimated volumes across all financial products proposed to be cleared by the CCP. A similar determination would also be made for CCPs which have performed clearing activities for less than one year.

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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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