2015 - RTS on clearing for IR Derivatives

posted Feb 2, 2015, 4:30 PM by David Larratt   [ updated Feb 2, 2015, 4:34 PM ]
Date of entry into force of RTS on clearing for Interest Rate Derivatives. If ESMA approves amendments made to the RTS by the EC (submitted December 19, 2014), the following would happen: (i) OTC derivatives entered into between Category 1 firms (subject to a six-month phase-in period) up until two months after the entry into force of the RTS will not be frontloaded; (ii) contracts entered into with Category 2 firms (subject to a 12-month phase-in period) up until five months after the entry into force of the RTS will not be frontloaded. Only trades entered into after two-months (for Cat 1 firms) and five months (for Cat 2 firms) during the remainder of the applicable phase-in period will be subject to frontloading (if those trades have a minimum remaining maturity of six months at the end of the phase-in). The clearing obligation RTS for CDS is also expected to be delivered to the EC in Q1.
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