Subject Matter
AAR threshold calculation
Question
According to the new article 7a(1) EMIR (as issued by (EU) 2024/2987) the obligation to hold an active account according to the second condition is that a Financial counterparty subject to clearing obligation exceeds the clearing threshold in any of the categories of derivative contracts referred to in paragraph 6 of this Article, in an individual category listed in that paragraph or on aggregate across all categories listed in that paragraph.
Is it only cleared paragraph 6 contracts that should be measured against the clearing threshold according to the second condition? If so, should contracts cleared with EU CCP’s, such as Nasdaq Nordiq or Eurex, or third country markets for which there are equivalence decisions granted, such as Chicago Mecantile Exchange (CME) which is relevant for STIR contracts, be excluded?
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs