Page 31 - 期货和衍生品行业监管动态（2025年4月）

期货和衍生品行业监管动态

 非金融交易对手方套期保值豁免的考虑因素；

 审查清算门槛的触发机制。

修订后的清算门槛方法侧重于未获授权或认可的中央对手方（CCP）清算的

场外（OTC）衍生品交易活动。该方法通过评估未清算活动相关的风险，以确定

是否应要求相关实体清算其场外衍生品。

新的方法旨在确保清算义务制度的适当性，重点关注具有重大场外衍生品交

易活动和大量未清算头寸的实体。

下一步

征求意见截止日期为 2025 年 6 月 16 日。根据收到的反馈，ESMA 将在年底

前发布最终报告，并将技术标准草案提交给欧盟委员会。

ESMA Consults on Clearing Thresholds under EMIR 3 (2025/4/8)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, is asking for input on the new clearing thresholds

under the review of the European Market Infrastructure Regulation (EMIR 3).

The consultation paper is part of ESMA’s mandate to develop Regulatory

Technical Standards (RTS) on clearing thresholds, and covers the following areas:

 proposals for a revised set of clearing thresholds,

 considerations for hedging exemptions for non-financial counterparties,

 a trigger mechanism for reviewing the clearing thresholds.

The revised clearing threshold methodology focuses on the activity in

over-the-counter (OTC) derivatives not cleared at an authorised or recognised central

counterparty (CCP). This approach assesses the risk associated with uncleared activity

to determine if entities should be mandated to clear their OTC derivatives.

The new methodology aims at ensuring a proportionate clearing obligation

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