The European Commission has announced its intention to adopt an equivalence decision with respect to CFTC requirements, allowing US CCPs to provide services in the EU whilst complying primarily with their own local requirements. In turn, the CFTC will also permit EU CCPs to provide services in the US whilst complying primarily with their own local requirements, and will also streamline the registration process for EU CCPs. This agreement reflects a 2009 commitment by G20 leaders to make the use of CCPs mandatory for standardised derivatives contracts. ESMA has welcomed this announcement of a common approach and will resume its US CCP recognition process.