Question to the HM Treasury:

To ask Her Majesty’s Government, further to the Written Answers by Lord O’Neill of Gatley on 6 June (HL348 and HL349), whether the Bank of England will have regulatory responsibility for the subsidiary clearing house of Deutsche Börse incorporated in Germany; and, if it will not, which regulator would have responsibility in the event of a dispute between the clearing house based in the UK and the one based in Germany.

As announced by the companies in February 2016, the existing regulatory framework of all regulated entities within the combined group would remain unchanged. This is subject to the regulatory review which will take place once the regulators are notified by the companies.

European Regulation No 648/2012 (EMIR) requires coordination amongst regulators for supervisory and authorisation matters with regards to CCPs.