The European Securities and Markets Authority (ESMA) has updated its list of Central Counterparties (CCPs) that have been authorized to offer services and activities in the European Union in accordance with the European Markets Infrastructure Regulation (EMIR).
With the authorization of KELER CCP (HU), there are now nine CCPs authorized under EMIR, which is following in the regulatory footsteps of last year’s pioneering efforts in North America by the Commodity Futures Trading Commission to ensure that all institutional trades are completed via a central counterparty and are subject to stringent reporting procedures.
KELER CCP is based in Budapest, Hungary, and is owned by parent company KELER,  in which the National Bank of Hungary has an ownership interest of 53.33% whilst Budapest Stock Exchange holds 46.67%.
KELER owns 99,72% of KELER CCP, and the National Bank of Hungary has a 0,155% stake, whilst Budapest Stock Exchange maintains a 0.13% interest in KELER CCP.
The authorization to operate as a CCP under EMIR rulings permits Keler CCP to act as a central counterparty for OTC derivatives which fall under MiFID rulings, including interest rate swaps, equities, credit default swaps and OTC FX.