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ARTICLE · 16 OCTOBER 2014

Clearing Obligations

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On July 11th 2014 ESMA issued two consultation papers with the aim of drafting regulatory standards on the clearing obligations under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories.

European UnionFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

On July 11th 2014 ESMA issued two consultation papers with the aim of drafting regulatory standards ("RTS") on the clearing obligations under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties ("CCPs") and trade repositories ("EMIR").

These first two public consultations relate to the categories of OTC derivative contracts that should be made subject to the mandatory clearing obligations under EMIR.

These long awaited papers, which cover OTC interest rate derivatives, OTC credit derivatives, and OTC equity derivatives aim at providing clarity on the frontloading obligation and the timelines applicable to the different market players in relation to their clearing obligations.

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