ICE

ICE Clear Singapore has received EMIR (European Market Infrastructure Regulation) authorisation from ESMA (European Securities and Markets Authority) to act as a third country CCP (Central Counterparty Clearinghouse). The regulatory regime in Singapore was deemed as equivalent by the European regulator in October 2014 and ICE Clear Singapore, along with fellow Singaporean clearinghouses, The Central Depositary Limited and Singapore Exchange Derivatives Clearing, applied for recognition under EMIR.

Holland Clearing House B.V. which was authorised under EMIR (the European Market Infrastructure Regulation) on 12 December 2014, is to be renamed ICE Clear Netherlands as of 27 July 2015. ICE acquired a majority stake in Holland Clearing House in December 2014, with ABN Amro acquiring a minority stake at the same time.

There are still only 16 authorised CCPs (central counterparty clearing houses) in Europe. Each clearing house in Europe had to reapply for authorisation under EMIR (the European Market Infrastructure Regulation), as far more importance has been placed upon them by way of the global regulatory response to the financial crises.

The reporting landscape in Europe has finally taken shape and ESMA (European Securities and Markets Authority) is now gearing up for the commencement of the mandate on 12 February 2014. It is anticipated that the reporting of all OTC and exchange traded derivatives will bring a lot more transparency to the European derivatives markets, a central theme of the post 2007 financial crises and the subsequent regulatory overhaul.

CME and ICE were not amongst the first tranche of trade repositories approved by ESMA (European Securities & Markets Authority) on 7 November this year, but they have received approval on 29 November to act as trade repositories under EMIR (European Market Infrastructure Regulation). Their registrations will take effect on 5 December.

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