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ECB wants extra shield if it is to supervise clearing houses

ECB wants extra shield if it is to supervise clearing houses
Published by
Reuters

Less than 1m read

10 November 1.55pm

Hargreaves Lansdown is not responsible for this article's content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest. Article originally published by Reuters.

The European Central Bank is happy to start supervising clearing houses in the wake of Brexit but is keen to ensure this does not interfere with its monetary policy, an ECB director said on Friday.

"We strongly welcome the intention of the legislator to give central banks of issue a role in the regulatory framework for CCPs (central clearing counterparties)," Yves Mersch told an audience in Windsor, Britain.

"At the same time, the involvement of the central bank in the regulatory framework should not put into question either its independence or its discretion to define the scope of its monetary policy."

The ECB's top supervisor, Daniele Nouy, said a day earlier she would rather leaving the oversight of clearing houses, middlemen between buyers and sellers of securities, to the European Securities and Markets Authority.

With 90 percent of euro derivatives cleared in London, European regulators are keen to ensure they keep their grip on clearing houses, middlemen between buyers and sellers of securities, even after Britain leaves the European Union.

Copyright (2017) Thomson Reuters. This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

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  • 10 November 1.55pm
  • Less than 1m read

  • AAA

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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