Consultation on the clearing obligation for financial counterparties with a limited volume of activity

Consultation on the clearing obligation for financial counterparties with a limited volume of activity

from 13 July 2016 to 05 September 2016


ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

1. respond to the question stated;

2. indicate the specific question to which the comment relates;

3. contain a clear rationale; and

4. describe any alternatives ESMA should consider.

ESMA will consider all comments received by 5 September 2016

All contributions should be submitted online at under the heading ‘Your input - Consultations’. 

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at under the heading Legal Notice.

Who should read this paper

All interested stakeholders are invited to respond to this consultation paper. In particular, responses are sought from financial counterparties of OTC derivatives transactions which are subject to the clearing obligation.

Document available for this Consultation
13/07/20162016/1125Consultation Paper on the clearing obligation for financial counterparties with a limited volume of activity


Activity Institution Download
Asset Management Citadel LLC
Asset Management Norwegian Fund and Asset Management Association
Asset Management BVI
Asset Management Natixis Asset Management
Asset Management AFG
Asset Management Amundi
Asset Management VÖIG
Asset Management The Investment Association
Asset Management INVERCO
Asset Management EFAMA
Asset Management River and Mercantile Group PLC
Banking French Banking Federation (FBF)
Banking Close Brothers Limited
Banking Wüstenrot hypoteční banka
Banking European Banking Federation
Banking Europeam Association of Co-operative Banks (EACB)
Banking FHB Bank Ltd.
Banking Deutscher Sparkassen- und Giroverband e. V.
Banking Building Societies Association
Government, Regulatory and Enforcement ESRB
Insurance and Pension Insurance Europe
Investment Services Commodity Markets Council Europe - CMCE
18342611_1.pdf (82.14 KB)
Investment Services Associazione Intermediari Mercati Finanziari - ASSOSIM
sped98-09-16.pdf (313.56 KB)
Investment Services ISDA
Others Swedish Securities Dealers Association
Others Chatham Financial Corp.
Others European Association of Corporate Treasurers
Others FIA
Others European Association of CCP Clearing Houses (EACH)
Others EFET (European Federation of Energy Traders)
Others ABI - Italian Banking Association
Others Austrian Federal Economic Chamber Division Bank and Insurance
Others The Norwegian Securities Dealers Association
Insurance, pension & asset management German Insurance Association (GDV)
Central Counterparty (CCP) LCH
Central Counterparty (CCP) Eurex Clearing AG
Central Counterparty (CCP) CME Group
Central Counterparty (CCP) BME CLEARING, S.A.U.