The EU’s pending law expanding post-Brexit oversight of foreign clearinghouses that do business in Europe would create regulatory overlap and delay in a crisis, the head of Intercontinental Exchange’s London clearinghouse said.
Finbarr Hutcheson, president of ICE Clear Europe, said the European Market Infrastructure Regulation known as Emir 2.2 would subject US-based clearinghouses to supervision by the EU, the UK and the US.
“Too many hands on the steering wheel in times of crisis is concerning,” he told an industry conference* recently in Boca Raton, Florida. “The worst possible scenario: a crisis situation where the reaction is too late because too many parties have to be consulted because they have some commonality but also some diversity of interests.”
“Having clarity around who’s in charge is pretty crucial to us,” Hutcheson added.
US-based clearinghouses face regulatory overlap in crisis under new EU law, ICE executive says
25 March 2019 7:32pm