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European regulation should consider the global nature of derivatives clearing services and not put European clearing service providers at a disadvantage in global competition, the European Association of Central Counterparty Clearing Houses – EACH stated in its position paper.
Responding to the Commission’s call to provide clearing services for Credit Default Swaps and other OTC derivatives, EACH outlined the benefits of central counterparty clearing for over-the-counter derivatives.
EACH recommends that CCPs should not be geographically limited in the range of products or services they offer. Moreover, CCPs should be encouraged to offer cross-border clearing services.
Regulation should not place barriers preventing cross-border access and membership, EACH states. Therefore, US and European regulators should agree on common principles on oversight and supervision.
Press release and Position Paper attached below.