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Clearing away after Brexit?

A new legal framework for the regulation of non-EU CCPs operating in the European Union came into force in 2020, which empowers ESMA into a supervisory role and allows ESMA to recommend relocation of systemically important CCPs. Brexit will require reclassification of the systemically important CCPs of the UK. This paper analyses from a legal perspective the new framework, the roles and responsibilities of the ECB, ESMA and the European Commission, and the possible outcomes for UK CCPs once Brexit is complete.