ESMA Preps Technical Standards for OTC Clearing
Central clearing is mandated in the EU through the European Market Infrastructure Regulation (EMIR). The industry consultation, ESMA says, is needed to determine which classes of OTC contracts should fall under the central clearing mandates, and what the conformance phase-in periods should reasonably be.
"Our consultation is a first important step in shaping the details of how central clearing of OTC derivatives will work in the European Union," says Steven Maijoor, chair at ESMA. "Having these trades centrally cleared and ultimately making post-trade data available to investors will increase the robustness, transparency and stability of the financial system."
The discussion paper can be found here.
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