Recital 48

(48) To mitigate potential risks for the financial stability of the Union, CCPs and clearing houses should not be able to be clearing members of other CCPs nor should CCPs be able to accept other CCPs or clearing houses as clearing members or indirect clearing members. Market participants currently operating under such arrangements should be required to find other ways to centrally clear. Such a prohibition should not impact interoperability arrangements, which are regulated under Title V of Regulation (EU) No 648/2012 and arrangements entered into for the purpose of a CCP undertaking its investment policy in accordance with that Regulation, such as sponsored memberships or direct access to cleared repo markets between CCPs. To provide sufficient time for adaptation, existing arrangements should be phased out within two years from the date of entry into force of this Regulation. Market participants and authorities should explore different solutions, including setting up interoperability arrangements.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.