On June 6 2016 the US Commodity Futures Trading Commission announced the signing of a memorandum of understanding with the European Securities and Markets Authority (ESMA) regarding cooperation with respect to recognised central counterparties.

Pursuant to the memorandum, derivatives clearing organisations established in the United States may apply to ESMA for recognition as central counterparties.

For further information on this topic please contact Donna M Parisi, Geoffrey B Goldman or Azam H Aziz at Shearman & Sterling LLP by telephone (+1 212 848 4000) or email (dparisi@shearman.com, geoffrey.goldman@shearman.com or aaziz@shearman.com). The Shearman & Sterling website can be accessed at www.shearman.com.

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