The European Securities and Markets Authority (ESMA) today published a feedback statement on its consultation on the clearing obligation for non-deliverable forwards (NDF) which it had to conduct under the European Markets Infrastructure Regulation (EMIR).
EMIR requires ESMA to draft technical standards regarding the clearing obligation of different derivative classes. This feedback statement summarises the responses received to the consultation.
Based on the feedback received, ESMA is not proposing a clearing obligation on the NDF classes at this stage. ESMA believes that more time is needed to appropriately address the main concerns raised during the consultation.
This decision is without prejudice to the possibility for ESMA to propose a clearing obligation on the NDF classes (by the submission of a final report to the European Commission including a draft RTS) at a later point in time in order to take into account further market developments.