Which derivatives are subject to mandatory clearing?
On 10 June 2016, the European Commission made a third mandatory clearing determination under EMIR. The relevant delegated regulation was published in the Official Journal on 20 July 2016, and will extend mandatory clearing to the interest rate swaps (“IRS”) set out in its annex. This includes certain fixed-to-floating interest rate swaps and forward rate agreements denominated in the following currencies:
- Norwegian Krone (NOK);
- Polish Zloty (PLN); and
- Swedish Krona (SEK).