NASDAQ OMX

Last week we published part one of our Q&A with Fredrik Ekström, president of Nasdaq OMX Clearing. We discussed the EMIR approval process for CCPs, of which Nasdaq was the first to be approved, and accessing the Stockholm based CCP.

Nasdaq OMX Clear was the first CCP (central counterparty clearing house) to be reauthorised under EMIR (the European Market Infrastructure Regulation) on 18 March 2014. Since then, however, the clearing mandate has been postponed twice, with the new capital requirements that will require clearing activity to be conducted at a Qualified CCP, such as Nasdaq OMX, now set to become active on 15 December 2015.

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.

NASDAQ OMX, the Swedish clearing house, became the first central counterparty clearing house (CCP) to be authorised under the European Market Infrastructure Regulation (EMIR) on 18 March. It has now been joined by Amsterdam based CCP, EuroCCP on 1 April.

EuroCCP recently merged with EMCF and is owned equally by, ABN Amro Clearing Bank, NASDAQ OMX, DTCC and Bats-Chi X. This single entity created the largest cash equities clearing house in Europe and it operates under the EuroCCP name.