Derivatives users could get two years' grace on clearing

摘要

The European Securities and Markets Authority (ESMA) has launched a consultation that could give small derivative users a two-year grace period before they must start clearing their trades. Mandatory central counterparty clearing for standardised over-the-counter interest rate swaps was launched on June 21 for clearing house members, so-called Category 1 users, with large derivative users with gross notional outstanding of more than €8bn required to comply by December 21. Less frequent derivative users, known as Category 3 users, are required under current rules to start clearing in June 2017, but that now that may be extended to 2019.