ESMA’s imprecise clearinghouse guidance roils tensions with US, industry

19 November 2019 8:16am
European watchdogs’ post-Brexit guidance last week for clearinghouses outside the bloc embraces a broad oversight approach criticized by the US and industry for leaving too much discretion to EU authorities.

The European Securities and Market Authority has said its 14 indicators for determining which non-EU clearinghouses pose systemic threats were relatively undefined to ensure that regulatory assessments weren’t overly constrained.