ESMA_QA_848

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/848

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Regulatory Context

Regulation : EMIR

Level 1 Regulation: Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: EU-CCPs

Subject Matter: Most relevant currencies for the determination of participation in a college

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Question

Submission Date: 27 April 2023

Which are the criteria to be used by a new entity that applies for authorisation as a CCP, if the respective entity has not performed any clearing activities before?

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ESMA Answer

Answer Date: 20-03-2013

In the case of a new entity which has not performed any clearing activities before, the determination of the most relevant currencies for the purpose of membership of the CCP college would be performed on the basis of the relative share of each currency in the estimated volumes across all financial products proposed to be cleared by the CCP. A similar determination would also be made for CCPs which have performed clearing activities for less than one year.

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This document was automatically extracted from the ESMA EMIR Q&A database.