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CC&G within EMIR

In March 2013, the European Market Infrastructure Regulation (EU 648/2012) entered into force with the aim of making the European marketplace the most safe and trusted environment for derivatives trading. The regulation involves measures targeting several market participants and processes, and crafting a renewed financial framework in which transparency and common rules shall ensure competitiveness and foster market confidence.

The key-points of EMIR include the following measures:

  • Clearing obligation for the OTC standardized derivatives trades;
  • A set of common requirements (risk management, organizational, prudential) and an authorization requirement for CCPs to operate;
  • Introduction of a reporting obligation to Trade Repositories.

As a major European CCP, providing clearing services for a wide collection of trading venues and asset classes spanning from Equity, Equity Derivatives, Bonds, Repo,  to Agricultural and Energy derivatives, CC&G has updated its procedures to guarantee to its Clients a smooth and efficient transition to the new EMIR regulatory environment.

On May 21st, 2014, Bank Of Italy has notified CC&G the authorization to operate as a CCP and the approval for the interoperability link with LCH-Clearnet SA, pursuant to art. 17.7 of EMIR Regulation. The new Regulation of CC&G has entered into force from June, 9th 2014.