The EU Commission’s proposal to allow the
European Central Bank full oversight of all clearing houses
that trade heavily in euros, including those not domiciled
within its borders, has been met with scepticism from US
But some market participants argue that plan to create two
separate categories of central counterparty clearing houses
(CCPs) depending on their systemic importance could well work,
though practical details need to be ironed out.
According to Eurex Clearing’s chief executive,
Erik Tim Müller, to some market providers this feels like
the right way forward. There must be a way to operate globally
but not fall under dual supervision if a clearing house is
mainly focused on its home market currency as is the case for
all major US players today and also for Eurex Clearing. In
particular, looking at the activities of the US and the EU 27
CCPs, they seem to be...