On 18 March 2014 Nasdaq OMX Clearing AB was authorised as the first central counterparty (CCP) under the European Market Infrastructure Regulation (No. 648/2012) (EMIR) by the Swedish Financial Supervisory Authority, who immediately notified ESMA in accordance with article 5(1) of EMIR. The classes of derivatives which Nasdaq OMX Clearing AB is authorised to clear are contained in ESMA's public register

The net result of the approval of Nasdaq OMX Clearing AB is that OTC derivatives in the classes for which it has been authorised that are entered into after 18 March 2014, may need to be cleared at some point in the future. In accordance with article 5(2) of EMIR, ESMA must, within 6 months of the date of notification (i.e. 18 March 2014), develop draft regulatory technical standards specifying the following:

  • the class of OTC derivatives that should be subject to the EMIR clearing obligation;
  • the date or dates from which the clearing obligation takes effect, including any phase in and the categories of counterparties to which the obligation applies; and
  • the minimum remaining maturity of the OTC derivative contracts referred to in Article 4(1)(b)(ii) of EMIR (which provides that for contracts entered into after 18 March 2014, but before the clearing obligation takes effect, the clearing obligation will apply to such contracts where their remaining maturity is greater than the minimum specified).