Geef pensioenfondsen vrije keuze bij keuze centrale tegenpartij

The Dutch Federation of Pension Funds, along with several other European organizations representing derivatives users and clearing service providers, has expressed concern about the European Commission’s proposal for an „active account“ requirement under the European Market Infrastructure Regulation (EMIR 3.0).
This requirement would oblige all market participants to maintain active accounts with EU central counterparties (CCPs) for clearing a portion of certain systemic derivatives contracts.
The joint statement from several prominent European trade associations, including EFAMA, BFPI Ireland, EACB, FIA and others, supports measures to enhance the attractiveness of EU clearing and capital markets proposed in EMIR 3.0.
However, they emphasize the need to streamline the supervisory framework for EU CCPs while making their clearing services more attractive and innovative. They believe that incentives can promote the sustainable growth of EU CCPs and maintain competitive markets. They argue that the proposed Active Account Requirement (AAR) would negatively impact EU capital markets, introducing fragmentation and loss of netting benefits without improving financial stability.
The statement highlights that it could make the EU unique in imposing a location requirement for market participants. It contrasts this with the U.S., where clearing participants deal with Tier 2 CCPs without such restrictions. The absence of a location policy in the U.S. suggests that many believe central clearing markets are naturally global, with financial stability best managed through shared oversight between supervisors.
The AAR is criticized for creating a competitive disadvantage for EU firms compared to third-country firms, the introduction of quantitative thresholds in the AAR is especially damaging causing volatile price differences between CCPs, increasing hedging costs for EU clients, and ultimately harming European pension savers and investors.
The joint statement emphasizes the importance of cross-border regulatory and supervisory cooperation. It notes that the EMIR 2.2 framework already provides effective tools for overseeing third-country CCPs (Tier 2 CCPs) and suggests that EMIR 3.0 should enhance supervisory cooperation further, especially in areas like recovery and resolution planning and cooperation during market stress.
Furthermore, the statement argues that the AAR challenges the principle of best execution for end clients, as EU clients could be forced to accept uncompetitive prices at EU CCPs while their third-country competitors can trade at the best available prices. It urges policymakers to conduct comprehensive cost-benefit assessments that consider financial stability, competitiveness, and hedging interests before implementing the AAR.
Therefore, they strongly recommend removing the proposed Active Account Requirement.