ESMA_QA_849

Status: ✅ Answer Published

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Regulatory Context

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

Topic: EU-CCPs Historic Question Reference old CCP question 1 dated 20/03/2013

Subject Matter: Most relevant currencies for the determination of participation in a college (old CCP question 2 dated 20/03/2013)

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Question

Submission Date: 27-04-2023

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.