The draft RTS under the MiFIR and the EMIR addresses the indirect clearing arrangements for OTC and exchange-traded derivatives and promote consistency protection for indirect clients. The RTS proposes a system of default management by imposing an obligation to have appropriate default procedures and to commit to trigger these. Under the draft RTS there will be a choice of account structures and the number of accounts required has been simplified. Finally, the draft RTS allow indirect clearing chains to be longer than the standard chains under certain circumstances. The draft RTS are now with the EU Commission for endorsement.