Tag: Indirect Clearing
ESMA updates EMIR Level 3- mainly reporting
ESMA updated its EMIR Q&A and MiFID 2 Q&A on Post-Trading Issues yesterday 14 December 2017. The updated Q&As include clarification in relation to: Indirect clearing – Q&A amended for both EMIR and MiFID 2 Post-Trading Issues; Swap reporting to trade repositories; Reporting of collateral; and Reporting of contracts with no maturity The guidance in […]
ESMA proposes Cat 3 clearing delay
ESMA has today published a consultation paper requesting responses to a proposal which seeks to provide additional time for market participants with limited volume to comply with the clearing mandate under EMIR. If approved, the proposal would delay the compliance date for Category 3 entities by two years. Category 3 comprises FCs and NFC + AIFs […]
Blurred line in the sand: CCPs’ role in indirect clearing
ESMA`s latest consultation on indirect clearing arrangements under EMIR and MiFIR closed on 17 December 2015. The absence of consensus on the majority of issues is evidenced by the large number of disparate responses received from participants up and down the clearing chain. In particular, a stark criticism is that the twin RTS on indirect […]
Indirect Clearing: In Search of One Template To Rule Them All
Background EMIR introduced a clearing obligation in relation to “OTC derivative contracts” of any class that has been declared subject to a clearing obligation and which are transacted between particular types of counterparty[1]. MiFIR[2] extended the scope of the clearing obligation to all derivative transactions concluded on a regulated market. There are three basic ways […]
FMLC asks for indirect clearing direction
The Financial Markets Law Committee (FMLC) has published a paper detailing its concerns over the Article 30(2) MiFIR indirect clearing mandate. Article 30 MiFIR allows access to a CCP by a “client of a client of a clearing member” (indirect client). While the RTS still languishes in draft form, pending possible adjustments to the EMIR […]