On Sept. 5, FIA submitted a letter to the European Securities and Markets Authority responding to ESMA's consultation on a proposed delay to the clearing obligation for "Category 3" counterparties, which are financial counterparties with a limited volume of derivatives trading activity. FIA said it supported the proposed delay, and urged ESMA and the European Commission to introduce a similar delay for the implementation of indirect clearing arrangements under MiFIR. This would provide consistency in the application of EMIR and MiFIR and provide sufficient time for clearinghouses, clearing members and clients to meet the new requirements, FIA said.
