Esma Consults on NDF Clearing

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Esma is required to draft RTS for certain over-the-counter instruments under the provisions in EMIR.

The European Securities and Markets Authority (Esma) has opened a consultation on the clearing of foreign-exchange (FX) non-deliverable forwards (NDFs).

The paper calls for industry opinion on the regulatory technical standards (RTS) that it is required to draft as a result of the European Market Infrastructure Regulation (EMIR). The consultation follows Esma's publication of its final draft RTS for interest-rate swaps yesterday. NDFs have proved to be a contentious point between Esma and UK authorities in the past, with the latter not regarding them as derivatives.

Running until November 6, 2014, the RTS will eventually result in a Commission Regulation after endorsement by the European Commission. The consultation document can be found here.

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