The European Securities and Markets Authority wrote to the European Commission saying it will be delayed in submitting proposed final rules related to indirect clearing under the Markets in Financial Instruments Directive II. This delay is necessitated, said ESMA, in order to ensure requirements under the European Market Infrastructure Regulation and MiFID II are consistent. Indirect clearing refers to the chain of relationships necessary to enable an entity that is a client of a broker that is not a member of a clearinghouse to ultimately have its position cleared through the relevant clearinghouse.