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ARTICLE · 08 FEBRUARY 2017

Cleared For Clearing — Canadian Rules Finalized On Mandatory Clearing Of Derivatives

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The purpose of the Clearing Rule is to impose central counterparty clearing of certain OTC derivative transactions in order to mitigate counterparty risk in the derivatives market and to increase financial stability.

CanadaFinance and Banking
Carol Derk
Carol Derk
Julie Mansi
Julie Mansi
Melanie Bradley
Melanie Bradley
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Background

On January 19, 2017, the Canadian Securities Administrators ("CSA") published final versions of two new national instruments as part of the CSA's ongoing commitment to the regulation of over-the-counter ("OTC") derivatives markets: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives and its companion policy (collectively, the "Clearing Rule"), which introduces mandatory clearing of certain OTC derivative transactions, and National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions and its companion policy (collectively, the "Customer Clearing and Collateral Rule"), which is designed to protect customer collateral and positions.

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