FIA, ISDA, AFME, ICI, AIMA, EBF and EFAMA (together the Associations) welcome the
European Commission's (the Commission) timely and temporary equivalence decision from
21 September 2020 with respect to UK central counterparties (CCPs) and subsequent
recognition decisions by ESMA of CCPs and the recent temporary equivalence decision for
UK Central Securities Depositories (CSDs) under CSDR. Together, these steps have provided
much needed certainty for continued and uninterrupted access to these CCPs and CSDs by
In 2012, following the 2008 financial crisis, the EU adopted the European Market Infrastructures regulation (EMIR) with the laudable objectives of increasing transparency in the OTC derivatives markets, to reduce the counterparty risk of derivatives contracts and to reduce operational risks associated with derivatives trading.
