Representativeness obligation for interest rate OTC derivatives denominated in euro
1. Counterparties subject to the obligation set out in Article 7a(1) of Regulation (EU) No 648/2012, and clearing interest rate OTC derivatives denominated in euro, shall clear at least the required minimum number of trades as set forth in the fifth subparagraph of Article 7a(4) in Regulation (EU) No 648/2012 in each of the five most relevant subcategories at an authorised CCP for each class of derivatives denominated in euro set out in Annex I to Commission Delegated Regulation (EU) 2015/2205 ( 3 ) .
2. For each class of derivatives referred to in paragraph 1 of this Article, counterparties referred to in that paragraph shall identify the five most relevant subcategories in which they clear the most trades at a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. The five most relevant subcategories shall be selected, for each class of derivatives referred to in paragraph 1 of this Article, among the subcategories set out respectively in Table 1, Table 2 and Table 3 of Annex I to this Regulation, and over the reference period referred to in paragraph 3.
3. For interest rate OTC derivatives denominated in euro, the reference period referred to in Article 7a(4), fifth subparagraph, first sentence, of Regulation (EU) No 648/2012 shall be:
(a)
one month for counterparties with a notional clearing volume outstanding of more than EUR 100 billion in derivative contracts;
(b)
six months for counterparties with a notional clearing volume outstanding of less than EUR 100 billion in derivative contracts.
4. For the purposes of paragraphs 1 to 3, counterparties shall be able to demonstrate to the competent authority concerned that there are no systematic or material differences in average trade sizes and maturities between the derivatives cleared at an authorised CCP and derivatives cleared at a clearing service of substantial systemic importance.
Representativeness obligation for interest rate OTC derivatives denominated in Polish zloty
1. Counterparties subject to the obligation set out in Article 7a(1) of Regulation (EU) No 648/2012, and clearing interest rate OTC derivatives denominated in Polish zloty, shall clear at least the required minimum number of trades as set forth in the fifth subparagraph of Article 7a(4) in Regulation (EU) No 648/2012 in the most relevant subcategory at an authorised CCP for each class of derivatives denominated in Polish zloty set out in Annex I to Commission Delegated Regulation (EU) 2016/1178 ( 4 ) .
2. For each class of derivatives referred to in paragraph 1, counterparties referred to in that paragraph shall identify the most relevant subcategory in which they clear most trades at a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. The most relevant subcategory shall be selected for each class of derivatives referred to in paragraph 1 among the subcategories set out respectively in Table 4 and Table 5 of Annex I to this Regulation, and over the reference period referred to in paragraph 3.
3. For interest rate derivatives denominated in Polish zloty, the reference period referred to in Article 7a(4), fifth subparagraph, first sentence of Regulation (EU) No 648/2012 shall be 12 months.
4. For the purposes of paragraphs 1 to 3, counterparties shall be able to demonstrate to the competent authority concerned that there are no systematic or material differences in average trade sizes and maturities between the derivatives cleared at an authorised CCP and derivatives cleared at a clearing service of substantial systemic importance.
Representativeness obligation for short-term interest rate derivatives denominated in euro
1. Counterparties subject to the obligation set out in Article 7a(1) of Regulation (EU) No 648/2012, and clearing short-term interest rate derivatives denominated in euro, shall clear at least the required minimum number of trades as set forth in the fifth subparagraph of Article 7a(4) in Regulation (EU) No 648/2012 in each of the four most relevant subcategories at an authorised CCP for each class of derivatives in Table 6 set out in Annex I to this Regulation.
2. For each class of derivatives set out in Table 6 of Annex I to this Regulation, counterparties referred to in paragraph 1 of this Article shall identify the four most relevant subcategories in which they clear the most trades at a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. The four most relevant subcategories shall be selected, for each class of derivatives set out in Table 6 of Annex I to this Regulation, among the subcategories set out in Table 7 of Annex I to this Regulation for derivatives referencing Euribor over the reference period referred to in paragraph 3 and among the subcategories set out in Table 8 of Annex I to this regulation for derivatives referencing €STR over the reference period referred to in paragraph 4.
3. For short-term interest rate derivatives referencing the Euro Interbank Offered Rate (Euribor), the reference period referred to in Article 7a(4), fifth subparagraph, first sentence, of Regulation (EU) No 648/2012 shall be:
(a)
one month for counterparties with a notional clearing volume outstanding of more than EUR 100 billion in derivative contracts;
(b)
six months for counterparties with a notional clearing volume outstanding of less than EUR 100 billion in derivative contracts.
4. For short-term interest rate derivatives referencing the Euro short-term rate (€STR), the reference period shall be:
(a)
six months for counterparties with a notional clearing volume outstanding of more than EUR 100 billion in derivative contracts;
(b)
12 months for counterparties with a notional clearing volume outstanding of less than EUR 100 billion in derivative contracts.
5. For the purposes of paragraphs 1 to 4, counterparties shall be able to demonstrate to the competent authority concerned that there are no systematic or material differences in average trade sizes of the products cleared at an authorised CCP and products cleared at a clearing service of substantial systemic importance.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
