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EMIR – Launch of the central clearing obligation

Key obligation of the EMIR on OTC derivatives, the central clearing obligation began on 21 June 2016.

Key obligation of the EMIR on OTC derivatives, the central clearing obligation began on 21 June 2016. This first wave currently only concerns the direct members of clearing houses and only relates to certain rate derivatives (Basis or Fixed-to-float swaps, FRA, overnight index swaps) denominated in EUR, USD, GBP or JPY. The next escalation waves are planned for:

  • 21 December 2016 for the extension of the clearing obligation to financial counterparties and alternative investment funds whose positions are greater than 8 billion euros.
  • 9 February 2017 for the clearing of certain credit derivatives (CDS on iTraxx Europe Main and iTraxx Europe Crossover indices)

The next waves in terms of reporting entities or cleared derivatives will then be spaced at 6-month intervals

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