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ECOFIN underlines the need to strengthen the safety and soundness of both Central Counterparty clearing and securities settlement systems. Supervisory authorities should make sure that effective, timely and robust supervisory solutions are put in place so that systems can operate without affecting systemic risk and prudential safety is ensured.
Regarding the need for a European clearing system, the Council supports the Commission on the creation of one or more European CCP clearing capacities in OTC derivatives markets, and encourages coherence with parallel initiatives at global level. The Council also notes the need for post-trade clearing systems in the European Union where “supervision, rules and the level of risk management applying still differ critically”.
See more information on the ECOFIN Council here
Council Conclusions on Clearing and Settlement