Wednesday March 4 2015
News Source: Global Exchanges
Focus: Trading Rules
Type: General
Country: European Union
Link: http://www.bankofengland.co.uk/publications/Documents/news/2015/036.pdf
The Bank of England has announced that it has noted the European Union (EU) General Court judgement on the ECB’s location policy for Central Counterparties (CCPs).
The judgement “annuls the Eurosystem Oversight Policy Framework published by the ECB in so far as it sets a requirement for CCPs involved in the clearing of securities to be located within the Eurozone.”
In order to maintain safety and soundness of UK CCPs who clear significant amounts of euro-denominated contracts, the Bank of England has stated that it will continue to seek a coordinated and shared approach with the ECB in order to maintain financial stability and smooth functioning of the financial market structures.
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