ESMA has published its final report setting out additional draft RTS on the central clearing of interest rate swaps under EMIR. The draft RTS propose the mandatory central clearing of both fixed-to-float IRS, and forward rate agreements, denominated in Norwegian krone, Polish zloty and Swedish krona, as these contracts are of important systemic relevance for both the specific local markets and the EU as a whole. ESMA has already deemed IRS denominated in EUR, GBP, JPY and USD eligible for mandatory clearing. Central clearing for IRS in these currencies is expected to start in the second quarter of 2016. ESMA's assessment whether a class of OTC derivatives should be subject to central clearing is based on a number of criteria, including liquidity, price availability and standardisation.