We have contacted a number of our Authorised firms identified as a clearing member and client of a Central Counterparty (CCP) to advise them that authorised or recognised CCPs under European Market Infrastructure Regulation (EMIR) are required to calculate hypothetical capital information. This information must be supplied by CCPs to their clearing members as well as to the competent authority of the clearing member.
The European Banking Authority (EBA) has prepared specific reporting templates for CCPs to use when they supply the data to clearing members and competent authorities. We have advised our solo-regulated clearing member firms to let their CCPs know that:
Clearing member firms may need this information to calculate their CRD IV funds requirements.
Firms that are part of a dual-regulated prudential group should note that the PRA are conducting a similar exercise for dual-regulated firms that are clearing members of CCPs.
The reporting template for CCPs can be found on the EBA website. Reporting will be monthly or more frequently in exceptional circumstances. The first reporting reference date is 30 June 2014 with submissions due within 15 working days of 30 June 1014.
The Commission Implementing Regulation (EU) No 484/2014 which specifies the formats in which the data has to be supplied by CCPs and the frequencies with which the data has to be supplied has recently been published in the Official Journal of the European Union (see pages 57 to 64).
A list of CCPs that are currently recognised or authorised under EMIR is available on the ESMA website.
If you are a clearing member firm and we have not contacted you directly, please let us know at firstname.lastname@example.org.
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