BoE outlines new ‘tiered’ CCP supervision framework
Non-UK CCPs will be labelled Tier 1 and Tier 2 following ‘reliance assessment’
The Bank of England has published new proposals on a tiered supervision framework for non-UK central counterparties (CCPs).
Non-UK CCPs are operating under a temporary “recognition regime” following the UK’s exit from the European Union. However, when the regime expires, these CCPs will need to be recognised by the central bank under the UK’s “onshored” version of the European Market Infrastructure Regulation.
Under the BoE’s proposal, CCPs will be assessed to see if they pose a systemic risk
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