Relying on feedback from a consultation published in October 2014, the European Securities and Markets Authority has determined not to propose the clearing of non-deliverable foreign exchange forwards contracts as this time. Most relevant for ESMA in making its decision were (1) comments received urging a delay in implementing an NDF mandatory clearing obligation; (2) that only one European clearinghouse (CCP) is authorized to clear NDFs and that no third-country CCPs clearing NDFs are approved in Europe; (3) the lack of experience of counterparties with NDF clearing; and (4) the importance of internationally coordinating the roll-out of mandatory NDF clearing.