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Clearing away after Brexit?

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  • Dermot Turing

Abstract

A new legal framework for the regulation of non-European Union (non-EU) central counterparties (CCPs) operating in the EU came into force in 2020, which empowers the European Securities and Markets Authority (ESMA) in a supervisory role and allows it to recommend the relocation of systemically important CCPs. Brexit will require reclassification of the systemically important CCPs of the United Kingdom. This paper analyzes, from a legal perspective, the new framework, the roles and responsibilities of the European Central Bank, ESMA and the European Commission, and the possible outcomes for UK CCPs once Brexit is complete.

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Handle: RePEc:rsk:journ7:7834531
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File URL: https://www.risk.net/system/files/digital_asset/2021-05/Clearing_away_after_Brexit_OE.pdf
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