EU Sets New Requirements To Make Clearinghouses Safer

Law360, London (June 24, 2020, 2:25 PM BST) -- European Union lawmakers have tightened rules that will force clearinghouses to bear their losses or wind down safely, in a bid to address risks to the €640 trillion ($718 trillion) derivatives market that could arise from their potential failure.

The European Parliament and the Council of the European Union said late Tuesday that they have reached a deal on blocwide rules aimed at ensuring central counterparties, or CCPs, can cope with financial difficulty. The agreement must now be endorsed by member state ambassadors.

The measures will force CCPs to make up their losses during financial difficulty or be wound down by...

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