O’Malia calls for EU equivalence for US CCPs

The European Commission must renew its efforts to recognise US clearinghouses as equivalent under European Markets Infrastructure Regulation before the December 15 Capital Requirements Directive deadline, or risk fragmenting the market. That’s the view of Scott O’Malia, commissioner at the Commodity Futures Trading Commission, who used a keynote address to law associations in New York to call for greater harmonisation of cross-border rules surrounding CCPs.