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March 27, 2014

ESMA Publishes a List of Authorised CCPs and OTC Derivatives

ESMA published their official list of CCPs and their products.

ESMA has created an official list of authorised CCPs and their products, a list which will grow rapidly during 2014. ESMA announced it thus:

Following the authorisation of Nasdaq OMX Clearing AB as the first EU-based CCP on 18 March 2014, the European Securities and Markets Authority (ESMA) has today published information about Nasdaq OMX Clearing AB and the contracts it is authorised to clear. In accordance with the procedure laid out under Article 5(1) of EMIR, on 18 March 2014 ESMA was notified of Nasdaq OMX Clearing AB’s authorisation including the classes of OTC derivatives cleared by them.
 
ESMA will propose draft regulatory technical standards (RTS) on the clearing obligation if the classes of OTC derivatives notified to ESMA meet the criteria defined in EMIR. The clearing obligation procedure defined in Article 5(2) of EMIR is triggered every time a new CCP clearing OTC derivatives is authorised. For the clearing obligation, ESMA will only assess the suitability of those classes notified to ESMA.
 
This means that if CCPs are authorised on different dates, several clearing obligation procedures may run in parallel. For each of these procedures, ESMA has up to six months from the time of the notifications to draft the respective RTS, consult and submit them for endorsement to the European Commission. After the Commission’s endorsement, the RTS are subject to a non-objection period by both the European Council and Parliament, after which the clearing obligation will be phased-in per type of counterparties.

 


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