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Breadcrumb

  1. Home
  2. Single Rulebook Q&A
  3. 2025_7511 Exposures to EU exchanges
Question ID
2025_7511
Legal act
Regulation (EU) No 575/2013 (CRR)
Topic
Credit risk
Article
107, 120,121
Paragraph
3
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Not applicable
Article/Paragraph
N/A
Type of submitter
Credit institution
Subject matter
Exposures to EU exchanges
Question

Should exposures to EU exchanges be treated as exposures to institutions, under articles 119, 120 and 121?

Background on the question

Article 107.3 clearly specifies that exposures to third-country exchanges shall be treated as exposures to an institution only if the third country applies prudential and supervisory requirements to that entity that are at least equivalent to those applied in the Union. 

However, the specific case of exposures to exchanges in the EU is not expressly clarified in the regulation. This can lead to 2 possible interpretations: 

  1. Exposures to EU exchanges shall be treated as exposures to corporates, as opposed to equivalent third-country exchanges

  2. Exposures to EU exchanges shall be treated as exposures to institutions, like third-country exchanges

Submission date
26/06/2025
Rejected publishing date
18/07/2025
Rationale for rejection

 This question is already addressed by Q&A 2013_677 (cat.1), which clarifies that exposures to recognised exchanges established in the EU may only be treated as exposures to institutions if the conditions in Article 119(5) CRR are met. Accordingly, this submission can be rejected as it is already covered.

Status
Rejected question

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