The European Securities and Markets Authority (ESMA) withdraws its recognition for six India-based central clearing counterparties, since there is no cooperation arrangement in place with their respective supervisory authorities. By their acronym names, it is CCIL, ICCL, NSCCL, MCXCCL, IICC, and NICCL, who may no longer provide services to EU-established clearing members or trading venues.

The block will be applied from 30 April 2023, ESMA spells out.

The six Indian CCPs in question are the following:
• The Clearing Corporation of India (CCIL), supervised by the Reserve Bank of India,
• Indian Clearing Corporation Limited (ICCL), supervised by SEBI,
• NSE Clearing Limited (NSCCL), supervised by SEBI,
• Multi Commodity Exchange Clearing (MCXCCL), supervised by SEBI,
• India International Clearing Corporation (IFSC) Limited (IICC), supervised by IFSCA, and
• NSE IFSC Clearing Corporation Ltd (NICCL), supervised by the IFSCA.

Advertisement
PostTrade 360 Nordic 2024

The requirement for cooperation arrangements for third-country CCPs follows from article 25 of the European Market Infrastructure Regulation, EMIR.

ESMA’s list of recognised third-country CCPs, and their respective asset classes, can be downloaded here.