The European Commission adopted new rules to make the clearing of certain interest rate swap contracts mandatory: fixed-to-float, so-called “plain vanilla” IRSs; float-to-float swaps, known as “basis swaps”; forward rate agreements; and overnight index swaps. The IRSs required for clearing are those denominated in euro, pounds sterling, Japanese yen or US dollars that have specific features, including the index used as a reference for the derivative, its maturity and the notional type. The clearing obligation will be phased in over three years. (Click here for additional information regarding the registration requirements in the article “European Commission Publishes Delegated Regulation on Mandatory Clearing for OTC Interest Rate Derivatives” in the August 7, 2015 edition of Corporate & Financial Weekly by Katten Muchin Rosenman LLP.)