With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework.Following a first consultation paper on the IRS classes to be subject to central clearing, in this second paper ESMA defined the CDS classes to be subject to the clearing obligation based on the analysis of all CDS classes which are currently offered for clearing by European CCPs. ESMA’s draft RTS propose to subject the following class: untranched European index CDS, for two indices. The clearing obligation will take effect following a phased implementation depending on the types of counterparties.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the consultation paper on the clearing obligation no.2.
Please use this “form to reply”
Naming protocol - In order to facilitate the handling of stakeholders responses please save your document using the following format:
ESMA_ClearingObligation_no2_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g.if the respondent were ESMA, the name of the reply form would be ESMA_ClearingObligation_no2_ESMA_REPLYFORM or ESMA_ClearingObligation_no2_ESMA_ANNEX1
Details on EMIR and the clearing obligation can be found at the following link: http://www.esma.europa.eu/page/OTC-derivatives-and-clearing-obligation
|11/07/2014||2014/800||Consultation paper Clearing Obligation no2 CDS||Downloadpdf, 1007.78 KB|