Diversification Key to Successful Clearing Mandate

Recovery and resolution plans may not be sufficient to mitigate systemic risk or the creation of 'too-big-to-fail' central counterparties.

fredrik-ekstrom
Fredrik Ekstrӧm, president at Nasdaq Clearing

The introduction of EMIR in 2014 was swiftly followed by a proposed clearing mandate that would require certain over-the-counter (OTC) derivatives to be centrally cleared at an authorized CCP. Having been postponed throughout 2015, the mandate is now expected to come into force some time in spring next year.

With the objective of reducing systemic risk in OTC derivatives trading, particularly interest rate swaps, the obligation will see CCPs become an integral part of the market structure.

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