Regulatory Alerts2015-10-02
Final Report Draft technical standards on the Clearing Obligation – Credit Derivatives
ESMA submits draft regulatory technical standards to the European Commission to extend the EMIR clearing obligation to specific classes of over-the-counter credit default swaps. The document defines the structure of these untranched index CDS classes, utilizing market-standard tenors and the 2014 ISDA documentation to ensure operational feasibility and international convergence. It establishes the phased application dates for counterparties and addresses procedural aspects such as frontloading requirements and the decision to issue standalone standards for credit derivatives.
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