The CFTC and EC agreed to recognise their respective clearing models in February
The European Commission has said Tuesday
that US central counterparties have the equivalent regulatory
regime as the European Union, drawing a line under a
long-standing dispute between itself and the CFTC.
The European Commission said that US
Commodity Futures Trading Commission (CFTC) has the equivalent
requirements as the EU in regulating central counterparties
Commissioner Jonathan Hill, responsible
for financial stability, financial services and capital markets
union said, "This is an important step forward for global
regulatory convergence and implementing our agreement with the
CFTC. It means that US CCPs, once recognised by ESMA, can
continue to provide services to EU companies. We look forward
to the CFTC's forthcoming decision on substituted compliance
which will allow European CCPs to do business in the United
States more easily."
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