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)
    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

      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