BME's CCP Gains EMIR Authorization
BME Clearing operates as a central counterparty (CCP) for financial derivatives, public debt repos and electricity derivatives. Under EMIR, CCPs, which stand in the middle of transactions and act as a buyer to every seller and a seller to every buyer, must be authorized by compentent home authorities as compliant with the demands of the regulation. BME Clearing is operated by Bolsas y Mercadores Españoles, and therefore falls under the auspices of CMNV, the Spanish regulator.
"The authorization received is a major milestone after 25 years successfully running a CCP and a well-deserved acknowledgement of full compliance of our CCP with the EMIR rules," says Ignacio Solloa, CEO at BME Clearing. "The approval marks the end of a process of hard work with regulators, members and clients as well as the start of a new scenario in the area of clearing. It also highlights our strong commitment with the market and the regulators."
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