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NSE Clearing Ltd (NCL), a wholly-owned subsidiary of the NSE, has been granted recognition by Bank of England (BoE) as a third-country CCP. NCL will offer clearing services and activities in the UK under the Temporary Recognition Regime (TRR) of the Central Counterparties (Amendments, etc., and Transitional Provision) (EU Exit) Regulations 2018 if the UK leaves the European Union with no implementation period. The TRR will enable NCL to provide clearing services and activities to UK-based entities for up to three years from the commencement of the TRR, extendable by HM Treasury in increments of 12 months.
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