Regulatory Alerts2014-10-01
Final report on ESMA's draft technical standards on the Clearing Obligation for Interest Rate OTC Derivatives
The European Securities and Markets Authority (ESMA) issued final regulatory technical standards mandating the clearing of specific interest rate over-the-counter derivative classes through central counterparties to reduce systemic risk. The report defines the scope of these obligations based on a bottom-up analysis of authorized clearing houses, detailing product types such as fixed-to-float swaps and basis swaps while excluding conditional notional amounts. Submitted for European Commission endorsement, the standards establish the application dates and counterparty categories for this initial phase of the clearing obligation under EMIR.
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