NSE IFSC Clearing Corporation Ltd, a wholly-owned subsidiary of NSE Clearing Ltd has been granted recognition by European Securities & Markets Authority as a ‘third-country CCP’.
The recognition has been notified by ESMA on June 24, the NSE said in a release. Following this, entities in the European Union should be able to consider NICCL as ‘Qualified CCP’ under the Basel III rules. European participants should be able to apply a significantly lower risk towards their trade exposures to NICCL and thus be benefitted on account of lower capital requirements, it added. Our Bureau