The European Securities and Markets Authority has published a consultation on draft regulatory standards related to the clearing of foreign exchange nondeliverable forwards. Comments are due by November 6. ESMA also published its draft technical standards on clearing obligations related to interest rate OTC derivatives. The issuance and delivery of these standards to the European Commission is one of the final steps before the beginning of mandatory clearing of four classes of interest rate swaps in Europe: fixed to floating swaps (plain vanilla IRS), float to float swaps (basis swaps), forward rate agreements and overnight index swaps. The EC now has three months to consider these standards. If there are no objections from the European Parliament or the Council of the European Union, the standards become effective 20 days afterward. Mandatory clearing will begin six month later for clearing member firms and later on for other types of market participants.