Four European Union Banks Seek RBI Nod for Clearing Model
Four major European banks are seeking RBI approval to use a third-party clearing model for trading Indian government bonds and derivatives due to ESMA’s revocation of CCIL’s recognition over audit rights issues. The proposed model involves Indian banks like SBI and ICICI Bank. Challenges include maintaining client confidentiality and data security. ESMA, established in 2011, aims to ensure financial stability, market integrity, and investor protection within the EU.
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