The European Securities and Markets Authority (ESMA) has published a final report containing draft regulatory technical standards (RTS) for the central clearing of interest rate swaps (IRS) which it is required to develop under EMIR. The RTS define the types of IRS contracts which will have to be centrally cleared, the types of counterparties covered by the obligation and the dates by which central clearing of IRS will become mandatory.
The draft RTS have been submitted to the European Commission which has up to three months to endorse them. Following the non-objection period of the European Parliament and the Council of the EU, the RTS will enter into force and become effective 20 days after its publication in the Official Journal.
View ESMA defines products, counterparties and starting dates for the clearing of interest rate swaps, 1 October 2014