ESMA margin proposal opens door for US equivalence

摘要

The European Securities and Markets Authority has proposed an amendment to regulatory technical standards under the European Markets Infrastructure Regulation that would open the door for the US clearing regime to be considered as equivalent. In a consultation paper, ESMA has proposed a reduction in the margin period of risk for cleared derivatives transactions from two days to one day. If accepted by the European Union, it would mean that European clearing houses would calculate margin in a similar way to US CCPs. Acceptance of the proposal would end a long-running spat between European and US regulators. The two sides failed to find a solution by their self-imposed summer 2015 deadline.