Clause 50 - Central counterparties in financial difficulties

Part of Financial Services and Markets Bill – in a Public Bill Committee at 10:45 am on 1 November 2022.

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Photo of Tulip Siddiq Tulip Siddiq Shadow Minister (Treasury) 10:45, 1 November 2022

Because of the volume of trades cleared through CCPs, the failure of one could pose risks to the stability of the financial system. We therefore welcome clause 50 and the Government’s various technical amendments. Does the Minister agree that, because of the high risk to the financial system that a failed CCP could pose, the expanded regime must be brought in as a priority? How long after the Bill has passed will the provision become law and the regime be implemented?