Leading Pan-European Clearing House

Clearing Rules - consultation of rule book changes July 2022 (closing consultation)

James McNulty
August 26, 2022

EuroCCP is pleased to announce that the updated version of its Clearing Rule Book (“CRB”) has been finalised and is posted on our website.

On 4 July 2022, EuroCCP published a consultation version of its CRB on its website for consultation. The changes to the CRB were open for consultation for a 30 calendar day consultation period. This period ended on 2 August 2022.

The final version of the updated CRB is now published on EuroCCP’s website. It will be in effect as of 29 August 2022. In addition, the updated Regulation Liquidity Measures will be in effect as of the same date.

The following clarifications have been made to the version of the CRB that was published on 4 May in order to address comments received:

a.      Article 16.1: has been amended to clarify that EuroCCP must have served a Notice of Default in addition to activated its Recovery Plan in order to use the recovery measures set out under article 16.1; and

b.      Article 16.1(a): has been amended to clarify that a Recovery CF Cash Call can take the form of one or more calls that do not in the aggregate exceed a Clearing Participant’s Contribution.

EuroCCP is progressing the implementation of the arrangement that will allow EuroCCP to continue to give Clearing Participants the option of providing Deposits in cash to meet Interoperability Fund requirements by allowing EuroCCP to invest such cash in reverse repurchase transactions. At this time, however, the changes proposed to the CRB and Regulation Interoperability Fund in respect thereof will not be made, but EuroCCP reserves the right to do so in due course. No comments have been received that would impact the changes as proposed on 4 July 2022 to the CRB and Regulation Interoperability Fund.

We would like to thank the Clearing Participants that have considered the amendments.

Should you have any further queries, please do not hesitate to contact your Relationship Manager.