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EMIR Clearing countdown confirmed

Today marks the publication of the EMIR IRS Clearing RTS in the Official Journal (OJ) of the EU, crystallising the exact timeline for the obligation. The clearing of interest rate swaps will become mandatory according to the following schedule:

  • Category 1- 21 June 2016
  • Category 2 – 21 December 2016
  • Category 3 – 21 June 2017
  • Category 4 – 21 December 2018

The frontloading obligation for Category 1 will begin on 21 February 2016, four months prior to the actual clearing requirement. Frontloading will apply from 21 May 2016 for Category 2, seven months before its clearing obligation.

The finalisation of the schedule means that the newly-extended QCCP deadline will expire a scant six days before the clearing obligation begins; in reality, US CCPs will be put at a crippling capital disadvantage from the first frontloading date. It is to be hoped that the above calendar will focus the minds of stalemated regulators as well as market participants.

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