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ISDA Responds to BoE on Clearing Exemption for Post-trade Risk Reduction Transactions

Infrastructure
Clearing March 18, 2026
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On March 11, ISDA submitted a response to the Bank of England’s consultation on a proposed approach to exempting post-trade risk reduction (PTRR) transactions from the derivatives clearing obligation under Article 4 of the European Market Infrastructure Regulation (EMIR).

ISDA welcomes the content of the proposal and appreciates that the Bank of England has taken a principles-based approach to the definition of a PTRR service and to the eligibility criteria to benefit from the exemption from the clearing obligation. ISDA suggests making the exemption immediately available once the rules instrument is finalized, so that market participants can choose to participate in PTRR exercises and benefit from risk reduction across their portfolios without further delay.

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