European Market Infrastructure Regulation (EMIR) Subject: Economy Context: Engaging with ESMA but alternative arrangements also under deliberation: RBI report Details: ESMA has de-recognised six Indian clearing houses, including CCIL, effective May 2023, after Indian regulators showed reluctance to sign a revised agreement which gave the overseas regulatory body the right to audit, scrutinise […]

    European Market Infrastructure Regulation (EMIR) Subject: Economy Context: The European Securities and Markets Authority (ESMA) proposes to derecognize six Indian counterparty clearing corporations CCPs due to non-compliance with certain provisions of the European Market Infrastructure Regulation. Details: It  means that European banks will not be able to clear or settle trades in foreign […]