EU must be involved in overseeing, winding down foreign clearing houses

FRANKFURT (Reuters) – European Union authorities need to be involved in overseeing and winding down clearing houses that may have an impact on the bloc, a European Central Bank director said on Monday.

The supervision and resolution of London-based central clearing counterparties (CCP) after Britain leaves the EU is an important issue in Brexit negotiations.

“EU authorities also need to have tools for direct liaison with a third country CCP … that may pose specific concerns from an EU financial stability perspective,” Benoit Coeure told an event in Frankfurt.

“Similarly, as regards CCP resolution, the development of home country arrangements in line with international standards must be complemented with the involvement of relevant EU authorities in resolution planning,” he added.

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