Tuesday February 2 2016
News Source: Global Exchanges
Focus: Stock Exchange Regulation
Type: General
Country: Canada
Link: http://www.tmx.com/newsroom/press-releases?id=398&year=2016
On 1st February 2016, TMX announced that both NGX, a leading North American energy exchange and central clearing counterparty (CCP), and the Canadian Derivatives Clearing Corporation (CDCC), Canada`s national CCP for exchange-traded derivative products, certain over-the-counter (OTC) products and repos, have received third country CCP recognition from the European Securities and Markets Authorities (ESMA), effective immediately. Recognition as a third country CCP under European Market Infrastructure (EMIR) allows CCPs from outside of the EU to provide clearing services to clearing members or trading venues established in the EU.
Pursuant to the EU Capital requirements regulation, recognition under EMIR also gives CCPs the status of being qualifying CCPs (QCCPs) in the EU. Clearing members are subject to lower capital requirements with respect to exposures to QCCPs relative to non-QCCPs.
Click on the link above for further details.