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Bank of England and CFTC Announce Agreement on CCP Supervision
April 20, 2023Post-Brexit, the Bank of England (the “Bank”) assumed responsibility for recognising and supervising incoming, non-UK central counterparties (“CCPs”), and on 14 April, the Bank and the Commodity Futures Trading Commission announced that the relationship between the two authorities meets the expectations of the Bank’s Level 1 Informed Reliance Assessment. This means that the Bank has made an assessment of the level of risk to UK financial stability that incoming CCPs supervised by the CFTC pose and has determined that it can defer to the CFTC as the home supervisory authority.
