AIMA raises frontloading concerns: AIMA has written to the Commission raising concerns on the clearing start date in light of ESMA's final report on the clearing obligation for OTC interest rate derivatives:

  • regarding the frontloading obligation, AIMA warns that some market participants will almost certainly elect to start clearing ahead of the clearing obligation and asks for an upward adjustment to the minimum remaining maturity test; and
  • on the threshold-based approach to categorising counterparties for the purpose of the clearing start date, AIMA comments that the industry has not been consulted on the approach and asks for clarification as to what constitutes a group in the context of investment funds.

(Source: AIMA Raises Concerns Regarding the Frontloading Obligation)