Brexit and EMIR Clearing

As a Brexit migration measure, ESMA is proposing to amend the EMIR clearing obligation so as to allow EU27 counterparties to novate contracts with UK counterparties to other EU27 counterparties without triggering the EMIR clearing obligation. ESMA’s proposal, which was published on 8 November 2018 (here), is designed to support counterparties’ Brexit preparations and maintain a level playing field between EU counterparties, while addressing potential risks to orderly markets and financial stability.

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