EBF Joint letter on Mandatory Interoperability in EU Cash equities Clearing

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Brussels, 8 July 2026 - The European Banking Federation (EBF), together with AFME, Cboe, EFAMA and EPTA, has signed a joint letter calling for the introduction of mandatory interoperability for EU cash equities CCPs as part of the Market Integration and Supervision Package (MISP).

The joint letter argues that mandatory interoperability would foster greater competition and user choice, reduce clearing costs, improve collateral optimisation and netting efficiencies, and remove unnecessary barriers to deeper and more integrated EU capital markets. It also sets out targeted recommendations to strengthen the legislative framework, including reinforcing the open access provisions under Articles 35 and 36 of MiFIR and ensuring consistent supervisory oversight.

The EBF remains committed to engaging constructively with EU co-legislators and providing technical input throughout the legislative process.