On the 29 March 2019, the United Kingdom (UK) is scheduled to leave the European Union (EU). Following the UK’s departure from the EU, as a European entity, EuroCCP will be able to continue to operate in the (EU) under the European Market Infrastructure Regulation (EMIR). EuroCCP will also continue to provide services in the United Kingdom (UK) under the Transition Recognition Regime (TRR) approved by the UK parliament in November 2018, which ensures continuity of services from non-UK central counterparty clearing houses (CCPs) for three years from 29 March 2019. EuroCCP is pursuing its application – submitted to the Bank of England in 2018 – in order to obtain permanent recognition as a qualified CCP under UK domestic law in due course after UK’s departure from the EU.
EuroCCP is actively working with UK based clearing members and venues to help them execute their Brexit contingency plans – including onboarding new EU entities and connecting to new EU platforms – to ensure firms can continue to operate as normal following the UK’s departure from the EU.
If you have any questions about how the UK’s departure from the EU may affect the clearing services provided by EuroCCP, please do not hesitate to contact your relationship manager.