Factsheet
CC&G
EMIR outline
Milestones of the regulation
The European Market Infrastructure Regulation
——Is a major regulatory intervention after the financial crisis
——Sets a level playing field for central counterparties
across Europe
CCPs must respect new capital, governance and technical
standards in order to operate
——Defines new safeguarding measures to enhance
market confidence and transparency
Trade Repository
Through the EMIR regulatory framework the European
Union intends to establish the safest trading marketplace in
Europe, with highly efficient, safe and competitive financial
market infrastructures.
EFFECTIVENESS
15/03/2013
JUN13
CCPs authorisation and compliance
SEP13
Mandated to collect and maintain central records of
derivatives
OTC derivatives clearing
Standardised derivatives traded OTC must pass through
a CCP for risk mitigation purpose
OCT13
Completeness
assessment
JAN14
CCP
Application for authorization
TR
Application for
authorization
OTC
Possible NCA authorization of CCP and notification of clearing obligation
ESMA
evaluation
MAR14
NCA evaluation
APR14
SEPT14
CCP
authorized
Reporting start – other classes
Reporting start – IR and credit derivatives
ESMA techical standards
on derivatives
CC&G will apply for EMIR authorisation by September 2013
1
Factsheet
CC&G within EMIR at a glance
Prudential requirements
With its long track record on CCP business,
CC&G has remodeled its processes and risk
management practices to provide its customers
with an enhanced and EMIR compliant clearing
service offering.
As forerunner CCP in the enforcement of the risk
models enacted by EMIR, CC&G already provides
its clients with an effective means of mitigating
counterparty risk. In fact, CC&G offers a
comprehensive set of risk management tools
including Margins, Skin in the Game, and Default
Funds.
Organisational structure
CC&G has improved its Governance rules to
guarantee the transparency of its operations and the
full independence of its Risk Management functions.
Capital adequacy
CC&G is already fully compliant with EMIR’s more
stringent supervisory capital requirements.
Segregation and Portability of accounts
EMIR regulation has introduced the concept of
segregation and portability of accounts, which will
allow CCP clients to reach a higher level of protection.
CC&G will make it possible to segregate the structure
of accounts between ’omnibus’ and ’individual’ for
accounting and guarantee purposes. Clients may
transfer the positions from the original defaulting
participant to a contingency account operator.
Contact
Please contact us for
further information:
Post Trade Sales
Telephone
+39 0233635283
+39 0272426504
Email
[email protected]
CC&G Membership
Telephone
+39 0272426501
Email
[email protected]
Accounts structure
House Account
Omnibus Client Account
Individual Segregated
Account – ISA
(positions and assets)
(positions and assets)
(positions and assets)
Accounts stream
——The netting of positions recorded on different accounts
is prevented
——The assets covering the positions recorded in an account
are not exposed to losses connected to positions
recorded in another account
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herein described. This document is not to be considered complete and is meant for information and discussion purposes only. Borsa Italiana S.p.A. accepts no liability, arising, without limitation to the generality of the foregoing, from
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