LME Clear to Launch in September as it Gains CCP Status with ESMA
by
Adil Siddiqui
ESMA expands the number of Central Counterparties registered under EMIR guidelines. LME Clear is the latest firm to join the pact as new regulatory reforms impact the financial derivatives trading landscape.
The London Metal Exchange ’s (LME) clearing and settlement division, LME Clear, has been approved by European regulatory authorities as a Central Counterparty, the firm joining the growing list of firms. LME Clear became the twelfth firm to gain membership.
The move highlights ESMA’s commitment to ensuring global financial markets operate in an efficient and transparent manner. LME Clear also reported that it will launch later this month after receiving approval from the UK’s central bank.
Regulations in financial markets have been changing across developed markets after governments and leaders outlined OTC derivatives transactions as the culprit behind the downfall of the economy six years ago.
Amendments to rules and guidelines have been drawn from the Committee on Payment and Settlement Systems and the International Organization of Securities Commissions (CPSS-IOSCO Principles), an organisation that serves as a global benchmark for regulatory requirements for central counterparties (CCPs).
“This is exciting news for LME Clear. Authorisation means that our Risk Management framework, governance, capital, client account structures and operating model all meet the high standards required under EMIR,” said Trevor Spanner, CEO of LME Clear, in a statement.
The pre and post-trade obligations of OTC derivatives came into question during the 2008 recession. LME Clear will offer a number of mechanisms that aim to reduce risks associated with transactions.
Prior to clearing trades, the firm’s matching portal, LMEsmart, will match all trades to confirm details of the trades. LME Clear, which replaces LCH Clearnet at the global metal exchange will then engage in the process of registration and novation.
LME Clear enhances the Hong Kong-owned venues position as a multi-asset, multi-lateral provider of financial services to participants.
Charles Li, HKEx Chief Executive, added: “Authorisation is a key step towards launch. LME Clear gives us greater control of our destiny – particularly with regard to the speed and flexibility of product launches.”
The London Metal Exchange ’s (LME) clearing and settlement division, LME Clear, has been approved by European regulatory authorities as a Central Counterparty, the firm joining the growing list of firms. LME Clear became the twelfth firm to gain membership.
The move highlights ESMA’s commitment to ensuring global financial markets operate in an efficient and transparent manner. LME Clear also reported that it will launch later this month after receiving approval from the UK’s central bank.
Regulations in financial markets have been changing across developed markets after governments and leaders outlined OTC derivatives transactions as the culprit behind the downfall of the economy six years ago.
Amendments to rules and guidelines have been drawn from the Committee on Payment and Settlement Systems and the International Organization of Securities Commissions (CPSS-IOSCO Principles), an organisation that serves as a global benchmark for regulatory requirements for central counterparties (CCPs).
“This is exciting news for LME Clear. Authorisation means that our Risk Management framework, governance, capital, client account structures and operating model all meet the high standards required under EMIR,” said Trevor Spanner, CEO of LME Clear, in a statement.
The pre and post-trade obligations of OTC derivatives came into question during the 2008 recession. LME Clear will offer a number of mechanisms that aim to reduce risks associated with transactions.
Prior to clearing trades, the firm’s matching portal, LMEsmart, will match all trades to confirm details of the trades. LME Clear, which replaces LCH Clearnet at the global metal exchange will then engage in the process of registration and novation.
LME Clear enhances the Hong Kong-owned venues position as a multi-asset, multi-lateral provider of financial services to participants.
Charles Li, HKEx Chief Executive, added: “Authorisation is a key step towards launch. LME Clear gives us greater control of our destiny – particularly with regard to the speed and flexibility of product launches.”
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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