Yesterday, Eurex informed interested parties via circular 029/2014 that the college of supervisors has yet to reach a joint opnion on Eurex Clearing's CCP application under EMIR.

 

This is particularly of note as Eurex was deemed the first CCP to be recognized under EMIR rules as the clearing house was the first to submit it's application to the local competent authority (BaFin). The application was deemed complete on 11th October 2013 by BaFin, a subsequent risk assessment report was submitted by BaFin to the college of supervisors for consideration on 10th February 2014.

 

Yesterday, on 11th March 2014, 30 calendar days after submission of the report, EMIR required the college to form an opinion on basis of the risk report – which now obviously was not an unanimous one.

 

It is currently unclear what next steps are, but BaFin will keep Eurex Clearing abreast of what needs to happen next in the authorisation process.

 

One possible reason for this outcome might be (Beware! Speculation to follow…) that there is a political will to have the main European CCPs recognized under EMIR at the same time – thus ensuring that especially other CCPs are considered at the same time. What that in turn means for the date at which the mandatory clearing obligation enters into force is debatable… (Rumour has it that OMX completed their EMIR application in Q2 2013, so the state of their authorisation is of interest too).

 

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