Clearing OTC derivatives under EMIR — first CCP authorised
On 18 March 2014, the Swedish Financial Supervisory Authority approved NASDAQ OMX Clearing as a central counterparty (CCP). This is the first authorisation of a CCP granted by a national regulator under the European Market Infrastructure Regulation (EMIR) and puts into motion the implementation timeline for introducing mandatory clearing of over-the-counter (OTC) derivatives in Europe.
As the financial industry is all too aware, mandatory clearing of OTC derivatives in Europe lacks a fixed implementation date. In July 2013, the European Securities and Markets Authority (ESMA) gave a start date of 15 June 2014, while in September 2013 the Financial Stability Board (FSB) suggested a start date of the third quarter of 2014.
However, we consider that there is a minimum nine-month period between the approval of the first CCP by a national regulator and the entry into force of any mandatory clearing obligation. Even though NASDAQ OMX Clearing has now been approved, the earliest start date is December 2014 (and even this requires unlikely procedural assumptions)…
Click on the link below to read the rest of the Macfarlanes briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from The Lawyer
Briefings from Macfarlanes
M&A Weekly Update: forced sale of shares does not qualify as ‘an offer to the public’ requiring publication of prospectus; and more
Macfarlanes has released its M&A Weekly Update for the period 27 June to 3 July 2014.
Investment Management Update — 4 July 2014: FCA Handbook Notice 13; ESMA updates Q&As on AIFMD; and more
Macfarlanes has released the 4 July 2014 issue of its Investment Management Update.
Analysis from The Lawyer
New arrival Macchi di Cellere Gangemi takes the total of European firms in London to nearly 40. Why do they come and why do they stay, even through an economic crisis?
As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014.