EC to snub US in first wave of CCP equivalence decisions
In a first wave of equivalence decisions, the EC is set to approve CCP rules in five countries – but the US will not be among them, and critics say Europe is using the regime as a bargaining tool
The European Commission (EC) is set to snub the US in its first round of approvals for foreign clearing house rules, arguing it does not yet have all the relevant rules in place. US regulatory and clearing sources claim the EC has put the decision on hold in an attempt to strong-arm the US into changing its rules on third-country CCPs.
If no equivalence ruling arrives by December 15, US CCPs would be far more expensive in capital terms for European banks, and some banks have already warned they
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