On June 16, ISDA responded to the European Securities and Markets Authority’s (ESMA) consultation on the new clearing threshold (CT) regime. The new CT regime, based on uncleared positions, was introduced in the context of the European Market Infrastructure Regulation (EMIR 3). In the response, ISDA comments on the data analysis provided by ESMA, the interaction with the active account requirements, in particular condition 2 of EMIR 3 Article 7a(1), and proposes an implementation approach suitable for financial and non-financial counterparties, in line with the European Union’s broader simplification and burden reduction agenda. In terms of next steps, ESMA will take into account the feedback received before sending final regulatory technical standards to the European Commission.
Documents (1) for ISDA Response to ESMA on Clearing Threshold Regime
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Response on Scope of BMR
On July 28, ISDA and the Global Foreign Exchange Division of the Global Financial Markets Association responded to the European Commission’s (EC) consultation on the need to exempt spot foreign exchange (FX) benchmarks under Article 18a of the EU Benchmarks...
Strengthening DC Governance
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ISDA CSA Significant Errors Notification SOP
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ISDA Paper on UPI Identifiers
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