Íø±¬³Ô¹Ï

Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
Íø±¬³Ô¹Ï
Leading the Way

Global Íø±¬³Ô¹Ï Finance News and Commentary
≔ Menu
Íø±¬³Ô¹Ï
Leading the Way

Global Íø±¬³Ô¹Ï Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Derivatives news
  3. ESMA withdraws third-country clearing recognition from JSE Clear
Derivatives news

ESMA withdraws third-country clearing recognition from JSE Clear


02 October 2023 South Africa
Reporter: SFT

Generic business image for news article
Image: Pavel Ignatov
The European Íø±¬³Ô¹Ï and Markets Authority (ESMA) has terminated clearing recognition for JSE Clear, the Johannesburg-based central counterparty, following South Africa’s addition to the anti-moneylaundering (AML) blacklist.

This move, in accordance with the requirements of the European Market Infrastructure Regulation (EMIR), will mean that JSE Clear will no longer qualify to provide clearing services to trading venues or clearing members established in the European Union.

This results from the European Commission’s decision to add South Africa to the list of high-risk third countries on 16 July as a result of perceived shortcomings in the country’s AML and counter financing of terrorism (CFT) provisions.

EMIR specifies that for a third-country CCP to be recognised by ESMA, the country must meet all cumulative conditions specified under Article 25(2) of the regulation, including the requirement that the country does not appear on an AML blacklist under the AML Directive.

ESMA has instructed a three-month adaptation period for this change to take place, meaning that JSE Clear’s third-country CCP recognition will lapse on 29 December 2023.

JSE Clear is a wholly-owned subsidiary of JSE Ltd providing central counterparty clearing services for JSE’s derivatives markets.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Íø±¬³Ô¹Ï Finance Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →