RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden in London
The Reserve Bank of India (RBI) and the Bank of England (BoE) on Friday signed a Memorandum of Understanding (MoU) concerning cooperation and alternate of data in relation to the Clearing Corporation of India Ltd (CCIL).
“The MoU establishes a framework for the BoE to place reliance on RBI’s regulatory and supervisory activities while safeguarding UK financial stability. The MoU also demonstrates the importance of cross-border cooperation to facilitate international clearing activities and the BoE’s commitment to deference to other regulators’ regime,” the RBI mentioned in an announcement.
“This MoU confirms the interests of both the authorities in enhancing cooperation in line with their respective laws and regulations. It will also enable the BoE to assess the application of CCIL for recognition as a third-country Central Counterparty (CCP) which is a pre-requisite for U.K. based banks to clear transactions through CCIL,” the assertion added.
The MoU was signed by RBI Deputy Governor T Rabi Sankar and BoE Deputy Governor for Financial Stability Sarah Breeden in London on Friday.
