On 25 June 2020, the European Systemic Risk Board (ESRB) published an opinion on the earlier European Securities and Markets Authority’s report on post trade risk reduction services with regards to the clearing obligation. The ESRB opinion concludes that while the use of post trade reduction services in non-centrally cleared over-the-counter markets can help to reduce aggregate risk exposures, exempting their use from the clearing obligation may introduce the risk of regulatory arbitrage and circumvention