Monday November 10 2014
News Source: Global Exchanges
Focus: Other
Type: General
Country: European Union
Link: http://www.esma.europa.eu/content/Consultation-Paper-clearing-obligation-under-EMIR-No3
ESMA has published responses received to the third Consultation Paper on Clearing Obligations. The paper provides explanations on the draft regulatory technical standards establishing a clearing obligation on a class of foreign-exchange non-deliverable forward (FX NDF) OTC derivatives.
The structure of the paper is as follows:
- Section 1 provides an overview of the clearing obligation procedure;
- Section 2 provides clarifications on the structure of the class of OTC FX NFD that is proposed for the clearing obligation;
- Section 3 includes the determination of the class of OTC derivatives that should be subject to mandatory clearing with an analysis of the relevant criteria;
- Section 4 presents the approach for the definition of the categories of counterparties, and the proposals related to the dates from which the clearing obligation should apply per category of counterparty;
- Section 5 provides explanations on the approach considered for frontloading and the definition of the minimum remaining maturities of the contracts subject to it.
Click here to view responses.
Click link above for further details.