• Mandatory Clearing of OTC Derivatives in the EU-A Buy-Side Perspective
  • November 11, 2016 | Authors: Alban Caillemer du Ferrage; Amy Kho; Andrés Lorrio; Edward J. Nalbantian; Nick Wittek
  • Law Firms: Jones Day - Paris Office ; Jones Day - London Office ; Jones Day - Madrid Office ; Jones Day - London Office ; Jones Day - Frankfurt am Main Office
  • Jones Day published a White Paper titled “The European Market Infrastructure Regulation and Transparency in the OTC Derivatives Market” in November 2013, which describes the provisions of the European Market Infrastructure Regulation (“EMIR”) including, inter alia, the scope of EMIR’s clearing requirements and the “over-the-counter” (“OTC”) derivatives counterparties which will be affected by this Regulation. Since the publication of our White Paper, various regulatory technical standards (“RTS”) proposed by the European Securities and Markets Authority (“ESMA”) in connection with the implementation of EMIR have been adopted. This White Paper focuses on the RTS for the first mandatory clearing obligation relating to interest rate swaps (“IRS”)1 (“Delegated Regulation”) which came into force on 21 December 2015 and sets the time frame running for phasing in mandatory clearing of OTC derivatives in the EU commencing on 21 June 2016.