A member of
About EurexOTC Clear
EMIR 3.0 - active account
CCP Switch
On-boarding
Compression Service
Product Scope
Interest Rate Swaps
Inflation Swaps
Settlement Prices
Service Offering for PSAs
Clearing Member
ISA Direct Member
ISA Direct Light Licence Holder
Clearing Agent
Client
Jurisdictions
Multiple Clearing Relationships
Segregation Set up
Cross-Project-Calendar
Readiness for projects
C7 Releases
C7 SCS Releases
C7 CAS Releases
EurexOTC Clear Releases
Prisma Releases
Member Section Releases
Simulation calendar
Archive
User ID Maintenance
Clearing Hours
Clearing Reports
Product Specifications
Clearing on behalf
Delivery Management
Transaction Management
Collateral Management
Collateral
Transparency Enabler Files
Segregation Models
Reports
Default Fund
Intraday Margin Calls
OTC Clear Procedures
OTC Clear Tutorials
Cross Margining Support
Supplementary Margins
Default Waterfall
Model Validation
Stress testing
Default Management Process
Client Asset Protection under EMIR
Client Asset Protection under LSOC
Credit, concentration & wrong way risk
System-based risk controls
Pioneering CCP Transparency
Haircut and adjusted exchange rates
Securities margin groups and classes
Prices Rolling Spot Future
File services
Bond Clusters
Listed derivatives
OTC derivatives
Listed securities
Cash management
Delivery management
CCP eligible instruments
Eurex Newsletter Subscription
Circulars & Newsflashes Subscription
Corporate Action Information Subscription
Circulars & Readiness Newsflashes
News
Videos
Webcasts on demand
Publications
Forms
Events
FAQs
Production Newsboard
Eurex Clearing
The official journal states that under the European Market Infrastructure Regulation (EMIR), central clearing of interest rate swaps will become obligatory for big banks that are clearing members – (category one) on 21 June. Category 2 clearers will follow on 21 December 2016, while those in category 3 will be caught by the rules from 21 June 2017, with the bulk of derivatives users falling into these two groups.
In other words, clearing firms will have to comply from 21 June while asset managers will be subject to the new requirements from December 2016. From that date, mandatory clearing will apply to asset managers with outstanding gross notional amount of non-centrally cleared derivatives above EUR 8 billion. The rules will apply to plain vanilla interest rate derivatives, float-to-float swaps - known as basis swaps, forward rate agreements and overnight index swaps. Interest rate swaps make up around 80% of all global derivatives.
Finally, category four firms, which are non-financial counterparties whose over-the-counter derivatives portfolios exceed an asset-specific threshold, will have to send their trades for clearing from 21 December 2018.
Category | Composition of category | ESMA phase-in | Application of clearing mandate |
CAT 1 | Start of front loading | 6 months | 21 February 2016 June 21st, 2016 |
CAT 2 | Start of front loading | 12 months | 21 May 2016 Dec 21st, 2016 |
CAT 3 | Financials + Alternative investment funds | 18 months | June 21st, 2017 |
CAT 4 | Non-Financials | 36 months | Dec 21st, 2018 |