UPDATED 9 September 2016
Thomson Reuters Accelus has published an opinion piece by our CEO Dario Crispini.
The article, Why populating the clearing obligation field won’t be so easy, comes off the back of the European Commission’s endorsement of the delegated regulation for mandatory clearing of interest rate swaps denominated in SEK, PLN and NOK currencies in June.
The regulation extends the clearing obligation from the currency scope of certain EUR, GBP, JPY and USD Interest Rate Swaps and CDSs on the iTraxx main and crossover indices.
Dario’s article takes a look at what contracts are caught by the clearing obligation and makes the point that completing the field will require great care as there are some hidden complexities.
Article 4 of EMIR introduces the clearing obligation for certain in-scope entities. Earlier this year ESMA published revised EMIR Q&As to give firms more information on how to complete the clearing obligation field which tells ESMA whether or not the contract entered into is subject to mandatory clearing.