In this act Article 1 of 7
Article 1 — The nature, size and complexity of the CCP’s business
Financial servicesLevel 2Delegated RegulationEMIRIn forceOfficial source
1(1)Copy link
1.When taking into account the criterion set out in point (a) of Article 25(2a) of Regulation (EU) No 648/2012, ESMA shall assess the following elements:
1(1)(b)
(b)the extent to which the CCP provides other services in addition to clearing services;
Copy link1(1)(d)
(d)whether the financial instruments cleared or to be cleared by the CCP are subject to the clearing obligation under Article 4 of Regulation (EU) No 648/2012;
Copy link1(1)(e)(ii)
(ii)the level of each clearing member that is an entity established in the Union or an entity part of a group subject to consolidated supervision in the Union;
Copy link1(1)(e)(iii)
(iii)the level of clearing members established outside of the Union or that are not part of a group subject to consolidated supervision in the Union where they clear on behalf of clients and indirect clients established in the Union, in aggregate;
Copy link1(1)(f)
(f)whether the CCP has completed an assessment of its risk profile based on internationally agreed standards or otherwise, the methodology used and the result of the assessment.
Copy link1(2)Copy link
2.For the purposes of point (e) of paragraph 1, ESMA shall assess the following values separately:
1(2)(a)
(a)for securities transactions (including securities financing transactions according to Regulation (EU) 2015/2365 of the European Parliament and of the Council), the value of open positions or open interest;
Copy link1(2)(b)
(b)for derivative transactions traded on a regulated market within the meaning of Directive 2014/65/EU of the European Parliament and of the Council, the value of open interest or turnover;
Copy link1(2)(c)
(c)for over-the-counter (OTC) derivatives transactions, the gross and net notional outstanding amount.
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1(3)Copy link
3.Where any of the indicators referred to in Article 6 applies, ESMA, in addition to the elements listed in paragraph 1 of this Article, shall also assess the following elements:
1(3)(b)
(b)where the CCP belongs to the same group as another financial market infrastructure, such as another CCP or central securities depository, the corporate structure of the group to which the CCP belongs;
Copy link1(3)(c)
(c)whether the CCP provides clearing services to clients or indirect clients established in the Union through clearing members established outside of the Union;
Copy link1(3)(d)
(d)the nature, depth and liquidity of the markets served and the level of available information on the adequate pricing data to market participants and any generally accepted and reliable pricing sources;
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