LCH.Clearnet Group, the leading independent multi-asset class and multinational clearing house, serving major exchanges and trading platforms as well as a range of OTC markets today notified the public that the Bank of England approved its application as a central counter-party under the European Market Infrastructure Regulation (EMIR).
This is the final step in the process, which follows LCH.Clearnet S.A.’s authorization by L’Autorité de Contrôle Prudentiel et de Résolution (ACPR) on May 22, 2014. It confirms that LCH.Clearnet Ltd’s risk management framework, technology, governance, operating model and capital meet the standards required by new EMIR regulation.
Michael Davie, Chief Executive of LCH.Clearnet Ltd said: “We are delighted with this affirmation that our services are fully compliant under the EMIR rules. We have worked diligently with our regulators, our members and their clients to develop best-in-class solutions to meet the requirements and we remain fully committed to supporting the market as the European clearing mandates evolve.”
LCH.Clearnet clears a broad range of asset classes including: commodities, securities, exchange traded derivatives, credit default swaps, energy contracts, freight derivatives, interest rate swaps, foreign exchange and Euro and Sterling denominated bonds and repos.