EUROPE: Eurex Clearing Receives EMIR authorisation

Friday April 11 2014

Eurex Clearing, Europe’s leading clearing house, has announced that its national competent authority BaFin (Federal Financial Supervisory Authority) has approved its application as a clearing house in accordance with the European Market Infrastructure Regulation (EMIR). BaFin issued the relevant licence to Eurex Clearing AG. BaFin’s decision follows the concluded process among the college of regulators. The college included ESMA, the Eurosystem, several central banks and supervisory authorities from eight Member States.

Eurex Clearing submitted its application to BaFin for authorisation pursuant to EMIR on 1 August 2013. It was determined complete on 11 October 2013. The risk assessment report by BaFin concluding full EMIR compliance of Eurex Clearing’s application was submitted to the College established for Eurex Clearing on 10 February 2014. On 10 April 2014 the authorisation was granted within the foreseen timeline.

With EurexOTC Clear for IRS, Eurex Clearing offers integrated clearing and collateralisation of OTC transactions and exchange-traded derivatives under the umbrella of a single clearing house in a uniform legal framework covering all products. The new OTC clearing service sets new standards in security and efficiency.

Click on the above link for further details.