ESMA released an updated Q&A on Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS dated 19 December 2013. This Q&A gives colour to the ESMA guidelines on Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS. A new question has been added on the topic of calculation of counterparty risk for exchange-traded derivatives and centrally-cleared OTC transactions that are centrally cleared under the European Market Infrastructure Regulation (EMIR).This is a step forward and we look forward to further clarity on this issue in 2014.