The European Securities and Markets Authority has published its 16^th update of its Q&A document on the implementation of the European Market Infrastructure Regulation. The new update provides answers regarding the frontloading requirement for the clearing obligation, the types of novation that would trigger the clearing obligation and whether the clearing obligation applies to a swap that results from a exercise of a swaption.

View ESMA updates Q&A on EMIR implementation, 17 February 2016