26 October 2014

Stuart Clark

Stuart Clark - Impendium Systems

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Financial Services Regulation

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ESMA lists authorised CCPs and OTC subject to clearing

10 April 2014  |  873 views  |  0

 derivatives which may be subject to the clearing obligation under EMIR

Following the authorisation of Nasdaq OMX Clearing AB as the first EU-based central counterparty (CCP) under the European Markets Infrastructure Regulation (EMIR) on 18 March 2014, the European Securities and Markets Authority (ESMA) has published on its website (under the sub-heading post-trading):  

·         a list of CCPs authorised to offer services and activities in the EU; and

·         a public register for the clearing obligation under EMIR.  

The public register sets out interest rate, debt and equity OTC instruments that Nasdaq OMX Clearing AB has been authorised to clear.  ESMA will now draft regulatory technical standards (RTS) on the clearing obligation if those classes of OTC derivatives meet the criteria defined in EMIR.  The clearing obligation procedure under EMIR is triggered every time a new CCP clearing OTC derivatives is authorised.  This means that if CCPs are authorised on different dates, several clearing obligation procedures may run in parallel.   

Related link:

http://www.esma.europa.eu/page/Registries-and-Databases 

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Stuart Clark

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Product Development Director

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Impendium Systems

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