Targeted consultation on the review of the central clearing framework in the EU

Target group

The Commission is interested in the views of a wide range of stakeholders, in particular those participating in central clearing (e.g. central counterparties, banks and other financial institutions, insurance companies, investment and pension funds, corporates), Member States’ authorities, EU institutions and authorities, non-governmental organisations representing users of financial services or the real economy, other financial market infrastructures, academics.

Objective of the consultation

In accordance with the 2009 G20 Pittsburgh agreement to reduce the systemic risk linked to the extensive use of Over-The-Counter (OTC) derivatives, the EU adopted Regulation (EU) No 648/2012 (EMIR) in 2012. A key pillar of EMIR is the requirement for standardised OTC derivatives contracts to be cleared through a CCP. Mandatory clearing for certain asset classes, as well as an increased voluntary use of central clearing amid growing awareness of its benefits among market participants, have led to a rapid growth of the volume of CCP activity since the adoption of EMIR – in the European Union (EU) and globally.

The aim of this consultation is to seek feedback on possible measures, legislative and/or non-legislative, to improve the competitiveness of EU CCPs and clearing activities as well as ensure that their risks are appropriately managed and supervised. This is part of the way forward for central clearing announced by Commissioner McGuinness on 10 November 2021 and takes into account the reflections made by the European Commission over the last months on the risks associated with over-reliance on third-country infrastructures and the need to increase clearing capacity in the EU.

How to submit your response

Please note that in order to ensure a fair and transparent consultation process responses should be submitted through the online questionnaire.

Consultation outcome

Summary report

Contributions to the consultation

Reference documents

Related links

• Press release
• More on Derivaties / EMIR

Contact

fisma-central-clearing-reviewec [dot] europa [dot] eu (Contact email address: fisma-central-clearing-review[at]ec[dot]europa[dot]eu)