London, UK—FIA today issued the following statement on Commissioner Mairead McGuinness announcement on the proposed way forward for central clearing:
“FIA welcomes today’s announcement by Commissioner Mairead McGuinness that the European Commission will propose an extension of equivalence for UK CCPs in early 2022 to safeguard financial stability and avoid a cliff edge for EU market participants. FIA is pleased that the Commission has listened to industry concerns and provided early clarity to prevent negative financial, commercial and operational impacts on EU counterparties and clearing members. This will enable continued access to global pools of liquidity. FIA supports the growth of competitive, efficient and safe markets globally, and we look forward to working with the Commission in 2022 on measures to grow EU financial markets,” said FIA Head of Europe Bruce Savage.
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