EU banks likely to seek more time for CCIL trade cut-off

Deutsche Bank, BNP Paribas, Credit Agricole, and Societe Generale request a six-month extension from BaFIN and AMF for the October 2024 CCIL trading deadline. This results from ESMA's de-recognition and pending Reserve Bank of India approval for a third-party clearing model proposed in recent ESMA meetings to resolve regulatory conflicts.