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)