Monday March 9 2015
News Source: Global Exchanges
Focus: Other
Type: General
Country: International
Link: http://www.mas.gov.sg/news-and-publications/media-releases/2015/mas-esma.aspx
On 9 March 2015, The Monetary Authority of Singapore (MAS) and the European Securities and Markets Authority (ESMA) concluded a Memorandum of Understanding (MOU) to establish cooperation arrangements regarding Central Counterparties (CCPs) in Singapore that have applied for recognition under the European Markets Infrastructure Regulation.
The MOU fulfils a pre-condition for ESMA to recognise CCPs in Singapore to provide clearing services to European Union (EU) participants and trading venues. This paves the way for ESMA-recognised CCPs in Singapore to be used by EU market participants to satisfy their mandatory clearing obligations under EU law. EU banks will also enjoy lower capital charges for their clearing exposures to these recognised CCPs. To date, Singapore Exchange Derivatives Clearing Limited, The Central Depository (Pte) Limited and ICE Clear Singapore have applied to ESMA for recognition.
Click here for MoU
Click on the link above for further details