1/4  BIS central bankers' speeches  Where the approach proposed by the Commission may differ is that it also foresees that under extreme circumstances, certain systemically important third country CCPs might not be authorised to operate from outside the EU, and would be required to establish themselves within the Union if they wish to continue providing services to EU counterparties and markets.
EU authorities acknowledge that such a decision would have important consequences on market structure. However, as I mentioned earlier, for no other major currency are so many systemic asset classes cleared outside of its own monetary area.