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ARTICLE · 21 AUGUST 2017

Mandatory Clearing Of OTC Derivatives Delayed For Certain Entities

Blake, Cassels & Graydon LLP
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During the delay, Participant Affiliates and Large Counterparties that are not Clearing Agency Participants will not be subject to mandatory clearing of in-scope OTC derivatives trades.

CanadaFinance and Banking
Stephen Ashbourne
Stephen Ashbourne
Aaron Palmer
Aaron Palmer
Tim Phillips
Tim Phillips
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 The Canadian Securities Administrators (CSA) have taken steps to postpone until August 20, 2018 the phase-in date of the mandatory clearing requirements set out in National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (NI 94-101) for certain categories of counterparties. The delay in the application of the rule to these counterparties will not affect transactions and counterparties that are already subject to mandatory clearing requirements under NI 94-101. For background on NI 94-101, see our January 2017 Blakes Bulletin: Canadian Regulators Finalize Mandatory OTC Derivatives Clearing Rules.

Mandatory Clearing

Under NI 94-101, prescribed interest rate swaps and forward rate agreements are subject to mandatory clearing if at least one party to the transaction is a local counterparty in Canada and each party to the transaction fits within at least one of the following categories:

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