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.

For more information:

Jacopo Borgognone, Head of Capital Markets – j.borgognone@ebf.eu

Emanuela Manenti, Policy Adviser of Capital Markets – e.manenti@ebf.eu

About the EBF:

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure, and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.