Keler joins the CCP club
09 July 2014 London
Image: Shutterstock
The European Securities and Markets Authority (ESMA) has updated its list of Central Counterparties (CCPs) to include Keler CCP.
There are now a total of nine CCPs that have been authorised to offer clearing in accordance with the European Markets Infrastructure Regulation (EMIR).
Ian Salmon, global head of business development and application performance specialist at the ITRS Group, said: "As the industry continues to search for new ways to provide greater efficiency and stability around the clearing of transactions, it is pleasing to see another CCP on-board.”
“However, while it is important to have more venues authorised, there are still challenges facing the industry, as EMIR allows one counterparty to delegate transaction reporting to the other.”
“Given the nature of workflows surrounding derivatives, this only adds new layers of complexity when trying to assign responsibility for the reporting of a trade.”
As well as Keler, the other authorised CCPS are Nasdaq OMX Clearing AB, European Central Counterparty N.V., KDPW_CCP, Eurex Clearing AG, Cassa di Compensazione e Garanzia S.p.A. (CCG), LCH.Clearnet SA, European Commodity Clearing and LCH.Clearnet Ltd.
Salmon continued: “For market participants, it will become increasingly important to map workflows across their disparate systems across the front, middle and back-office.”
“The next step will be creating a full view of transactions that enables them to identify potential break points where key data can slip through the net.”
There are now a total of nine CCPs that have been authorised to offer clearing in accordance with the European Markets Infrastructure Regulation (EMIR).
Ian Salmon, global head of business development and application performance specialist at the ITRS Group, said: "As the industry continues to search for new ways to provide greater efficiency and stability around the clearing of transactions, it is pleasing to see another CCP on-board.”
“However, while it is important to have more venues authorised, there are still challenges facing the industry, as EMIR allows one counterparty to delegate transaction reporting to the other.”
“Given the nature of workflows surrounding derivatives, this only adds new layers of complexity when trying to assign responsibility for the reporting of a trade.”
As well as Keler, the other authorised CCPS are Nasdaq OMX Clearing AB, European Central Counterparty N.V., KDPW_CCP, Eurex Clearing AG, Cassa di Compensazione e Garanzia S.p.A. (CCG), LCH.Clearnet SA, European Commodity Clearing and LCH.Clearnet Ltd.
Salmon continued: “For market participants, it will become increasingly important to map workflows across their disparate systems across the front, middle and back-office.”
“The next step will be creating a full view of transactions that enables them to identify potential break points where key data can slip through the net.”
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