EUROPE: ESMA to charge foreign clearing houses

Monday September 30 2013

It has been reported that the European Securities and Markets Authority (ESMA) intend to charge foreign clearing houses seeking to cash in on new derivatives rules being introduced across the 28-country bloc. ESMA has asked the European Parliament in a letter if it can levy an undisclosed fee on clearing houses, also known as central counterparties or CCPs, from outside the EU.

It was originally anticipated that seven foreign clearers to request authorisation during 2013 and 2014 but ESMA has reportedly already received applications from 34 non-EU clearing houses, none of which were named in the letter.

This information will be updated as soon as further details become available.