According to the FT, negotiations have been stuck on whether the EU can tie in recognition of non-EU clearing houses, or central counterparties (CCPs), in the region to ensure that third countries do the same.
The European Markets Infrastructure Regulation (EMIR) is unlikely to be finalised until after Denmark takes over the EU presidency from Poland in the new year.
However, the trialogue did produce agreement on one key issue: insistence that CCPs provide non-discriminatory access to them for exchanges and other trading platforms wanting to send them OTC derivatives for clearing. The provision in articles 8 and 8a of EMIR, would force greater competition in OTC clearing and pose a threat to operators of “vertical silo” integrated trading and clearing businesses, such as Deutsche Börse.
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