ESRB responds on clearing obligation: ESRB has responded to ESMA's second consultation on the clearing obligation. It calls on ESMA to:

  • reconsider its decision to exclude from the clearing obligation certain OTC derivatives which are currently already cleared by certain central counterparties (CCPs);
  • drop proposals for long delays before the clearing obligation applies to non-clearing members and non-financial counterparties; and
  • consider, once sufficient data is available, adopting a "top-down" approach to determining the clearing obligation.

(Source: ESRB on the Clearing Obligation)