ESMA_QA_849
27/04/2023
Subject Matter
Most relevant currencies for the determination of participation in a college (old CCP question 2 dated 20/03/2013)
Original question
Which are the criteria to be used by a new entity that applies for authorisation as a CCP, if the respective entity has not performed any clearing activities before?
ESMA Answer
20-03-2013
Original language
In the case of a new entity which has not performed any clearing activities before, the determination of the most relevant currencies for the purpose of membership of the CCP college would be performed on the basis of the relative share of each currency in the estimated volumes across all financial products proposed to be cleared by the CCP.
A similar determination would also be made for CCPs which have performed clearing activities for less than one year.
Status: Answer Published
Additional Information
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
Additional Legal Reference
Article 18 of EMIR - old CCP question 1 dated 20/03/2013
Historic Question Reference
old CCP question 1 dated 20/03/2013
Topic
EU-CCPs