VIDEO | The clarities versus unclarities of where version three of the EU:s market infrastructure regulation, EMIR, is going, deserved proper discussion on stage at Thursday’s PostTrade 360° Amsterdam, as representatives for a range of clearing industry actors joined in for a panel.
This panel session was sponsored by Cboe Clear Europe, Eurex, Euronext, LSEG Post Trade, and SIX.
On stage were representatives of five major clearinghouse operators:
Lennart Visser, Relationship Manager Sales, Cboe Clear,
Henry Weindling, Fixed Income & Currencies Sales, Netherlands, Eurex,
José Manuel Ortiz-Repiso, Head of Clearing & Repo Operations, SIX,
Petra Verhulst, Netherlands Sales, LSEG Post Trade, and
Paul Noordam, Senior Manager Sales and Product Management Cash Equities & Derivatives, Euronext,
under moderation by Valentijn Wiegel, Head of Network Management with ABN AMRO Clearing Bank – one of the leading clearing members of these clearinghouses for accessing the European market.
“I think we all know that in clearing, things don’t move quickly – but they do move,” said Henry Weindling.
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The third generation of the European Market Infrastructure Regulation, EMIR, is entering the final phase of top-level negotiations between the main EU bodies: Commission, Council, and Parilament.
The industry discussion is dynamic, as they differ in whether they are EU-based, whether they themselves operate European marketplaces, and whether they have interoperability connections with each other.
A core purpose of the EMIR 3 initiative is to make EU clearinghouses more competitive. The EU is seeking to incentivise this. One measure proposed is a requirement for certain actors to hold an “active account” with an EU-based CCP. The precise meaning of the term still files under the unclarities.
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