04 November 2024

EP Hearing of Commissioner designate Albuquerque

Answer to the Brexit Question: 

"Central counterparties for clearing (CCPs) play a key role in managing risks in capital markets and promoting their smooth functioning. As such, CCPs are key actors for the creation of a successful CMU. The recent review of the European Market Infrastructures Regulation, known as EMIR 3, on which the European Parliament and the Council agreed in February this year, sets the framework for fostering competitive and attractive clearing markets in the EU, while at the same time ensuring financial stability.
Although the final compromise reached by the co-legislators on the active account is less ambitious than what the Commission proposed, it strikes a balance between a more forceful regulatory intervention and a market-led approach. It is a first step towards reducing the excessive reliance on substantially systemic third-country CCPs and mitigating the related risks. The active account, combined with other measures to improve the attractiveness and competitiveness of EU clearing markets, should kick-start a process through which clearing in the EU will continue to develop and the excessive reliance of our financial markets on certain third-country CCPs will be reduced. EMIR 3 will allow us to carefully monitor the extent to which the combination of these measures will bring the desired results. I would encourage market participants to make the most of the opportunities provided and to help develop a deep and liquid clearing market in the EU, and mitigate potential risks to our financial stability."

Answer to Banking Union

" Second, strong European banks operating across borders are necessary for key capital market services such as listing and trading. Third, integrated banking markets would also contribute to a more efficient allocation of funding across the EU economy. I believe that ambitious outcomes on files relating to key structural features of the BU, notably the ongoing reform of the Crisis Management and Deposit Insurance and the creation of a European Deposit Insurance Scheme (EDIS) will contribute to further integration of the banking sector and reinforce financial stability.”…"

full written answers

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