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Clearing Obligation ESMA

The regulation applicable to the Clearing Obligation (CO) was published in the Official Journey of the EU on December 1st 2015 and entered into force on December 21st 2015.

The before mentioned regulation defines the timing of entry into force of this regulation in the clearing obligation for different categories of entities:

  • Category 1: Counterparties which,  at the time of release of the RTS, were already Clearing Members in any of the CCP recognized by ESMA (Qualified CCP, or Q-CCP) in accordance with the EMIR Rule. These entities will have the CO 6 months after the entry into force of the OC, this means June 21st 2016 .

 

  • Category 2: Counterparties not belonging to Category 1 which belong to a group whose aggregate month-end average of outstanding gross notional amount of non-centrally cleared derivatives for January, February and March 2016 is above EUR €8 billion will have the CO 12 months after the entry into force of the OC, this means December 21st 2016.

 

  • Category 3: Category 3, comprising counterparties not belonging to Category 1 or Category 2 will have the CO 18 months after the entry into force of the OC, this means June 21st 2017.

 

  • Category 4: Counterparties that do not belong to any of the beforementioned categories will have the CO 3 years after the entry into force of the OC, this means December 21st 2018.

 

In case of a transaction closed between counterparties belonging to different categories, the CO for the entity with the lowest category applies.

The rule for the CO is available at:

http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32015R2205&from=ES

All available information concerning the CO can be found at http://www.esma.europa.eu/page/OTC-derivatives-and-clearing-obligation.

The Clearing Members at BME CLEARING which are Category 1 the date teh entry into force of the CO are available at the following link

 

 

 

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