The European Association of CCP Clearing Houses (EACH) welcomes the political agreement on CCP Recovery and Resolution reached on 23rd June by the Council of the EU and the European Parliament.
An EU framework for CCP Recovery and Resolution plays an important role in ensuring an ex-ante definition of an efficient cooperation and coordination between Authorities to address situations that would highly likely be cross-border per nature. EACH is particularly pleased that the political agreement achieves a balanced incentive structure that ensures the robustness of the clearing ecosystem, thus limiting the potential impact on taxpayers. The text provides a clear and certain path for Authorities and stakeholders in the unlikely scenario of CCP Recovery and Resolution.
EACH looks forward to the finalisation of the technical work on this file and to contributing to the eventual Level 2 work of EU authorities.
