Mumbai, March , 2019: NSE Clearing Limited (NCL), the first clearing corporation in India and a wholly owned subsidiary of National Stock Exchange of India Ltd. (NSE) has been granted recognition by Bank of England as a third- country CCP that will offer clearing services and activities in the United Kingdom (UK) under the Temporary Recognition Regime (TRR) of the Central Counterparties (Amendments, etc., and Transitional Provision) (EU Exit) Regulations 2018 if the UK leaves the European Union with no implementation period.
The recognition to NSE Clearing Limited (NCL) as a “third-country CCP” has been notified by Bank of England on March 19, 2019 in the interim list of third-country CCPs.
Recognition of NSE Clearing Limited by Bank of England
The TRR will enable NSE Clearing Limited to provide clearing services and activities to the UK based entities for up to three years from the commencement of the TRR, extendable by HM Treasury in increments of twelve months.
Mr. Vikram Kothari, MD & CEO, NSE Clearing, said, “ The timely recognition by Bank of England will facilitate NSE Clearing to continue to offer seamlessly clearing and settlement services to UK based FPIs and other UK based entities under TRR if the UK leaves the EU with no implementation period.”