MFA responds on clearing and third country CCPs: In its response to ESMA's first consultation on the clearing obligation, MFA has emphasised the critical importance of the EU granting recognition to US central counterparties (CCPs) prior to a clearing obligation applying under EMIR. It notes that many EU counterparties are already clearing certain contracts under US rules in US CCPs. A delay in recognising US CCPs as equivalent could lead to cross-border contracts becoming subject to duplicative or conflictive clearing obligations. (Source: MFA Response to ESMA