ESMA

The prolonged transatlantic battle over the mutual recognition of central counterparty clearing houses (CCPs) reflects deep differences over the costs of resolving a failing CCP. And asset managers may find that their share of those costs is on the rise.

The European Securities and Markets Authority (ESMA) has granted equivalence to 10 Asia-Pacific (APAC) central counterparty clearing houses (CCPs), thereby allowing third country CCPs to provide clearing services to EU clearing members and trading venues. 

The regulatory squeeze on the so-called "shadow banking” industry is proceeding on so many fronts and in such technical forms, that it is easy to forget it is happening at all. But it assuredly is and one of its manifestations in Europe – the securities financing regulation – will add to the regulatory reporting burden of fund managers.

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