11 May 2015

ESMA（欧州証券市場機構）、EMIR（欧州市場インフラ規則）における清算義務に関する技術的基準案（第4回）について市中協議

This paper follows the publication of three consultation papers on the clearing obligation on interest rate derivative classes, credit derivative classes, foreign-exchange non-deliverable forward classes, as well as the publication of a final report on the clearing obligation on interest rate derivative classes, and a feedback statement on non-deliverable forward classes.

The input from stakeholders will help ESMA in finalising the relevant technical standards to be drafted and submitted to the European Commission for endorsement in the form of Commission Regulations, i.e. a legally binding instrument directly applicable in all Member States of the European Union. One essential element in the development of draft technical standards is the analysis of the costs and benefits that those legal provisions will imply. Input in this respect and any supportive data will be highly appreciated and kept confidential where required.

This paper provides explanations on the draft regulatory technical standards establishing a clearing obligation on additional classes of OTC interest rate derivatives that were not included in the first RTS on the clearing obligation for interest rate swaps. The addition consists of the following classes:fixed-to-float interest rate swaps denominated in CZK, DKK, HUF, NOK, SEK and PLN as well as forward rate agreements denominated in NOK, SEK and PLN. The structure of this paper is the following: Section 3 provides an overview of the clearing obligation procedure. Section 4 provides clarifications on the structure of the classes of OTC interest rate derivatives that are proposed for the clearing obligation. Section 5 includes the determination of the classes of OTC derivatives that should be subject to mandatory clearing with an analysis of the relevant criteria. Section 6 presents the approach for the definition of the categories of counterparties, and the proposals related to the dates from which the clearing obligation should apply per category of counterparties. Section 7 provides explanations on the definition of the minimum remaining maturities for the application of frontloading.

Next Steps

As provided for by Regulation No 1095/2010 of the European Parliament and Council establishing ESMA, a public consultation is conducted on the draft technical standards before they are submitted to the European Commission for endorsement in the form of Commission Regulations. In addition ESMA shall consult the ESRB and, where relevant, the competent authorities of third-countries when developing the technical standards on the clearing obligation.

ESMA will consider all comments received by 15 July 2015.

Full consultation

Full press release

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