ESMA to widen clearing net
ESMA yesterday published it fourth consultation paper on the EMIR clearing obligation. The consultation seeks feedback on an extension to the clearing RTS for interest rate swaps, the “final” draft of which was published 0n 1 October 2014. The consultation proposes to add the following classes and currencies to mandatory clearing:
- Vanilla fixed-to-floating IRS in: CZK, DKK, HUF, NOK, SEK and PLN.
- Forward rate agreements in NOK, SEK and PLN
Sections 3- 7 of the paper mirror previous drafts, detailing the classes subject to clearing, categories and their phase-in dates, and an explanation of the frontloading requirement.
The deadline for comments is 15 July 2015.
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