For the purpose of the second AAR condition, counterparties should assess only the contracts referred to in Article 7a(6) against the 3 billion EUR clearing threshold.

However, as the clearing thresholds are defined for OTC contracts, the treatment is different between EUR OTC IRD / PLN OTC IRD and EUR STIR.

For EUR OTC IRD and PLN OTC IRD, all products within these categories must be included in the calculation against the clearing threshold, irrespective of where they are traded and cleared (as clarified by ESMA in paragraph 24 of its Final Report on AAR)

For STIR:

1. EUR STIR contracts traded on a third-country market which has not been deemed equivalent by the European Commission (for example ICE Futures Europe in the UK) should be considered as OTC derivatives and should therefore included in the calculation.
2. Conversely, EUR STIR derivatives traded and cleared either within the EU or on third country markets that have been granted equivalence by the European Commission (e.g. CME in the US) should not be treated as OTC derivatives and should therefore be excluded from the calculation.