These decisions follow previous determinations of equivalence made in October 2014 for four other countries (Australia, Singapore, Japan and Hong Kong).
The European Commission today adopted five 'equivalence' decisions for the regulatory regimes for central counterparties (CCPs) in Canada, Switzerland, South Africa, Mexico and South Korea. CCPs are bodies that sit in the middle of derivatives contracts, becoming the buyer to every seller and the seller to every buyer. The G20 has encouraged the use of CCPs since the financial crisis to reduce risk in derivatives trading.
EU Commissioner Jonathan Hill, responsible for Financial Stability, Financial Services and Capital Markets Union said:
"I am pleased to announce these equivalence decisions for Canada, Switzerland, South Africa, Mexico and the Republic of Korea today. Derivatives markets are global in nature and today's decisions reflect that. We continue to work with other third country regulators to assess the equivalence of further regimes and will make additional decisions as soon as is possible."
Full press release
© European Commission
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article