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ECB's Nouy happy to leave clearing houses to market watchdog ESMA

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11/09/2017 | 01:09pm CET

The European Central Bank's top supervisor said she would welcome leaving the oversight of clearing houses, a key point of contention ahead of Brexit, to the European Securities and Markets Authority market watcdhog.

With 90 percent of euro derivatives cleared in London, European regulators are keen to ensure they keep their grip on clearing houses, middlemen between buyers and sellers of securities, even after Britain leaves the European Union.

Daniele Nouy's comments chime with complaints by ESMA that the new system proposed by the European Commission, whereby ESMA takes the leading role but is supported by the ECB and other central banks, is too complex.

"I welcome for example the possibility that ESMA would be the supervisor for the CCP (central clearing counterparty)," Nouy told the European Parliament's committee on economic affairs in Brussels. "Simplicity is helpful."

Stressing this was a personal opinion, Nouy said it would be more efficient than joint supervision by both institutions.

"The current situation, where there’s a lot of people around the table (in a) large college... is more complex," Nouy said. "Simplicity is a recipe for efficiency."

(The story was refiled to add a dropped letter in Nouy's first name)

(Reporting by Balazs Koranyi and Francesco Canepa; editing by Mark Heinrich)

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