EMIR – OTC Clearing – Ready?

It has been confirmed that mandatory OTC Clearing in Europe will begin on 21 June 2016. Starting with the category 1 participants front loading from 21st February 2016.

So who qualifies as Category 1? These are entities that are clearing members of at least one EMIR qCCP and that it is authorised to clear the class of derivatives which are subject to the regulatory technical standards under the clearing obligation of EMIR.

The Important Dates

  • 21 February 2016 start of Frontloading for Category 1 participants;
  • 21 May 2016 start of Frontloading for Category 2 participants;
  • 21 June 2016 start of OTC Clearing for Category 1 participants;
  • 21 December 2016 start of OTC Clearing for Category 2 participants;
  • 21 June 2017 start of OTC Clearing for Category 3 participants; and
  • 21 December 2018 start of OTC Clearing for Category 4 participants.