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ESMA Adds Index CDS to Central Clearing Obligation 

October 5, 2015


The European Securities and Markets Authority (ESMA) has today finalised and issued a draft regulatory technical standard (RTS) for the central clearing of Credit Default Swaps (CDS), ESMA is required to develop RTS which implement the European Market Infrastructure Regulation (EMIR). The draft RTS defines the types of CDS contracts which will have to be centrally cleared, the types of counterparties covered by the obligation and the dates by which central clearing of CDS will become mandatory.

This submission follows the first RTS on Interest Rate Derivatives developed by ESMA and adopted by the European Commission on 6 August 2015. The new rule on Index CDS mirrors the overall approach of the first RTS, in particular with regards to the categorisation of counterparties, the scope for frontloading and the treatment of intragroup transactions.

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