 "ESMA")
The Reserve Bank of India’s (RBI’s) refusal to allow the European Securities and Markets Authority (ESMA) to audit the Clearing Corporation of India (CCIL) resulted in the European regulator derecognising six central counterparties – a move that could lead to disruptions in the domestic bond market, sources in the know said.
The six central counterparties (CCP) that have been derecognised by ESMA are the CCIL, Indian Clearing Corporation Limited (ICCL), NSE Clearing Limited (NSCCL), the Multi Commodity Exchange Clearing (MCXCCL), the India International Clearing Corporation (IFSC) Limited (IICC), and the NSE IFSC Clearing Corporation Ltd (NICCL).
Of these, the CCIL, which is
