ECB Chief Doubles Down on CCP Brexit Debate
Mario Draghi says European authorities must have direct supervision of non-EU CCPs
Mario Draghi, the president of the European Central Bank (ECB), told European lawmakers that rules governing central counterparty clearinghouses (CCPs) were insufficient in light of the UK’s decision to leave the Union next year.
“Under the current legislative regime, several CCPs clearing significant volumes of euro-denominated business will be operating outside the framework of EU regulation and the safeguards this provides,” Draghi said, while addressing the European Parliament’s powerful
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