Central Clearing in the Equity Derivatives Market (ISDA)

June 2014

KEYWORDS: central counterparties, EMIR, Nasdaq OMX, Sweden, European Union, interest rate swaps, ESMA, clearing, derivative

Authors:

ISDA

Organizations:
  • ISDA

Summary:
The approval of the first central counterparty (CCP) under the European Market Infrastructure Regulation (EMIR) – Sweden’s Nasdaq OMX on March 18 – has focused attention on how a clearing determination will be applied across the European Union (EU). Alongside an assortment of interest rate derivatives, Nasdaq OMX was authorised to clear several single-name, basket and equity index futures and options, kick-starting a six-month process by the European Securities and Markets Authority (ESMA) to determine whether a clearing obligation should apply for those classes of derivatives.

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