ESMA opublikowała Consultation Paper dotyczący “clearing obligation” dla kontrahentów finansowych, którzy mają ograniczoną aktywność na rynku instrumentów pochodnych OTC (link tutaj).
ESMA konsultuje pomysł wydłużenia terminu wejścia w życie “clearing obligation” pod EMIR dla podmiotów z Category 3 (w Polsce jest to większość funduszy inwestycyjnych oraz ubezpieczycieli) do 9 lutego 2020 roku dla transakcji w walutach G4 a dla transakcji w PLN byłby 2021 rok.
Poniżej 3 motywy, którymi kieruje się ESMA:
“First of all, for the financial counterparties with a limited volume of activity, it is not feasible to access CCPs directly by becoming a clearing member, because of a range of reasons, in particular: cost (e.g. minimum capital requirements), risk (e.g. mutualisation of default fund resources) and other legal issues. For those counterparties, it is therefore necessary to become the client of a clearing member, or to establish indirect clearing arrangements.
Second, the clearing members’ appetite to provide client clearing services beyond the most important and biggest clients for their franchise and/or beyond the most active clients has so far been relatively limited. Stakeholders argue that one of the most significant reasons thereof appears to be the costs, and in particular the capital allocation for this business line as a result of the leverage ratio framework being developed under Basel III and the Capital Requirements Regulation (CRR). These capital requirement considerations are usually quoted as being the main reason why several market participants have stopped providing this service, although other factors that can be specific to each individual firm can also play a part in these decisions. It should be noted that although the framework for the leverage ratio is not fully developed, the uncertainty over it is apparently preventing banks from extending their client clearing offering.
Third, the conclusion of indirect clearing arrangements is well established in the exchange traded derivatives market, but no similar development has yet occurred in the OTC derivative market. In order to address this situation in the OTC derivative market, ESMA conducted a review8 of the requirements for indirect clearing arrangements for OTC derivatives that are set in Commission Delegated Regulation (EU) 149/2013. ESMA then submitted to the Commission on 26 May 2016 amending draft RTS with the objective to address the issues raised by stakeholders and to also simplify the account structures, which should contribute to the development of these types of arrangements in the OTC derivative market. Although the recent regulatory initiative seeks to further develop indirect clearing for the OTC derivative market, the timing associated to the approval process, up to the point it enters into force, might not be consistent with the compliance deadlines for the clearing obligation for the counterparties that would want to rely on these types of arrangements”