Trade Associations Submit Letter on UK CCP Equivalence
ISDA and eight other trade associations representing a broad group of market participants sent a letter to European Commission (EC) commissioner Mairead McGuiness, requesting that the EC extend its equivalence decision for UK central counterparties.
On September 16, 2021, ISDA and eight other trade associations representing a broad group of market participants (the Association for Financial Markets in Europe, the Alternative Investment Management Association, the European Association of Public Banks, the European Banking Federation, the European Fund and Asset Management Association, the Futures Industry Association, the Investment Company Institute and the asset management group of the Securities Industry and Financial Markets Association) sent a letter to European Commission (EC) commissioner Mairead McGuiness, requesting that the EC extend its CCP Equivalence decision for UK central counterparties.
This equivalence decision is set to expire on June 30, 2022, although the associations request that the EC provide clarity as soon as possible and well in advance of March 2022 in order to prevent negative financial, commercial, operational and level playing-field effects on EU counterparties and clearing members and to enable continued access to global pools of liquidity after June 30, 2022.
Click here to read the letter