EMIR trade reporting has taken over for most of 2014 so far with operational teams focused on meeting the Feb 12th deadline and then the aftermath, but this week the CCP clearing mandate has started taking centre stage again with some key announcements.
On Tuesday, NASDAQ OMX Clearing announced the Swedish FSA (SFSA) approved the application of the clearinghouse under EMIR and thus making this CCP the first to receive EMIR authorisation. Following this announcement, ESMA published a press release to share information about NASDAQ OMX Clearing and the contracts the CCP is authorised to clear. In this news release ESMA also clarified the next steps to take place as it follows the clearing obligation procedure. See press release for full details.
Many believe the ongoing delay of the CCP registration process to date was indicative of a possible delay of the mandated CCP clearing deadline. And with the delays experienced with both EMIR and Dodd-Frank, it is no surprise the industry might expect a further delay in the deadline but it would be unwise to play the wait and see game.
Aite Group published an impact note this week offering a look into how the OTC derivatives clearing space is set to evolve globally in 2014. The report also offers comparisons of different CCPs in the market. Find more information on the “OTC Derivatives Clearing in 2014: Pump Up the Volume” impact note here: http://aitegroup.com/report/otc-derivatives-clearing-2014-pump-volume#sthash.zdbLakIt.dpuf
Do you think the CCP clearing mandate in Europe will be delayed? Share your thoughts in the comments section below or tell us via this anonymous survey: https://www.surveymonkey.com/s/TNTP39B
