Eurex Clearing AG (Eurex Clearing) has been granted authorisation as a Central Counterparty (CCP) under the European Market Infrastructure Regulation (EMIR) on 10 April 2014. The authorization as EMIR-compliant CCP also determines Eurex Clearing as a qualifying CCP (QCCP) under Basel III / CRD IV.
The QCCP status means that exposures of financial firms to Eurex Clearing will result in significantly lower capital requirements compared to non-QCCP or bilateral trades.
Eurex Clearing regularly assesses its compliance with the "Principles for financial market infrastructures" (PFMI) published by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO). These self-assessments also consider the additional guidelines published by CPMI-IOSCO and are conducted in accordance with the CPMI-IOSCO assessment methodology and disclosure framework. Based on the results of these assessments, Eurex Clearing is of the opinion that it fully observes the CPMI-IOSCO PFMIs.
As a CCP compliant with the CPMI-IOSCO PFMI, Eurex Clearing also publishes a comprehensive set of quantitative data. The public quantitative disclosure complements the disclosure framework published by CPMI-IOSCO in 2012. Quarterly updates are being provided in accordance with the frequencies set out by CPMI-IOSCO.
The quantitative disclosure is intended among others to further enable authorities, participants and the public to compare CCPs, understand and assess a CCP’s systemic importance, gain a clear understanding of the risks associated with a CCP and ultimately to provide full transparency.
On 14 August 2020 the Financial Stability Board (FSB) published a questionnaire for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. Continued access to FMIs during and post-resolution is a key objective for an effective resolution scheme. Eurex Clearing, as one of the leading global CCPs, is fully aware of its role in the financial markets and the responsibility that comes along with it – including during the resolution of a Clearing Member. In this vein, Eurex Clearing has responded the FSB questionnaire to inform firms that make use of Eurex Clearing’s services and their resolution authorities which actions Eurex Clearing can take prior and during the resolution of a Clearing Member, and how Eurex Clearing can support continued access to during resolution. The response of Eurex Clearing is available as a download on this page.
1Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.
2The Committee on Payment and Settlement Systems (CPSS) changed its name to the Committee on Payments and Market Infrastructures (CPMI) in 2014.
3In December 2012, CPSS and IOSCO published a report containing the “Disclosure framework for financial market infrastructures” (disclosure framework) and the “Assessment methodology for the principles for FMIs and the responsibilities of authorities” (assessment methodology).