Central counterparty clearing houses significantly contribute to safer, more efficient and transparent global financial markets. EACH is here to support that mission in Europe.
The European Association of CCP Clearing Houses (EACH), was founded in 1992 and is a Belgian not-for-profit organisation (AISBL), which represents central counterparty clearing houses – or CCPs- in Europe. The membership is open to CCPs based in the European Union and in other European countries. The membership of EACH comprises 19 members from 15 different European countries. The membership demonstrates variety in terms of the range of clearing undertaken and in corporate structures. Several members specialise in the clearing of various types of commodities, whilst others offer, to varying extents, broader ranges of clearing of derivatives and cash instruments. All members are regulated as central counterparty clearing houses in their countries of incorporation – that is a membership requirement of EACH.
EACH works with public authorities and representatives from the financial industry on a broad range of issues. We offer the consolidated opinion of our membership in regulatory discussions and consultations, and help member CCPs to agree appropriate standards and guidelines.In 2001 EACH developed risk management standards for CCP clearing houses that formed the base of subsequent recommendations and standards issued by regulatory authorities worldwide.
Current activities involve addressing a number of issues regarding OTC derivative clearing, as well as working with the European Securities and Markets Authority (ESMA), European Banking Authority (EBA) and national supervisory authorities on the European Market Infrastructure Regulation (EMIR) and the proposed Capital Requirements Directive (CRDIV) on CCP exposures. Globally, EACH has contributed to the development of the Principles on Financial Market Infrastructures recently issued by CPSS-IOSCO and to the new Basel III framework of capital requirements for banks.