CDS Clearing


This section highlights the responsibilities and the starting dates for the clearing obligations relevant to each category of counterparty.

Click on the 'Clearing' for an overview of the EMIR Clearing rules which includes the list of in scope products.

In scope interest rate derivatives products

To discover which interest rate derivatives products are in scope of EMIR Clearing rules, please download ESMA's Public Register for the Clearing Obligation under EMIR.

Interest rates derivatives clearing calendar

CDS

The Regulatory Technical Standards applying to in scope CDS (iTraxx Main/Crossover EUR 5y Series 17 onwards) entered into force on 9 May 2016. This determines the starting dates for the frontloading and clearing obligations relevant to each category of counterparty as stated in the table.

When does the clearing obligation begin?

As detailed in the table below, the clearing obligation will start on different dates depending not only on when the relevant classes of OTC derivatives are declared subject to the clearing obligation, but also depending on the counterparty classification.

In any transaction between counterparties in different categories, the clearing obligation applies on the later date (e.g. a trade between Category 1 and Category 2 must be cleared within the deadline applicable to Category 2 counterparties).

Category Frontloading requirement start date Clearing obligation start date
Category 1 Credit Default Swaps: 9 October 2016 9 February 2017
Category 2 Credit Default Swaps: 9 October 2016 9 August 2017
Category 3 Frontloading does not apply to Category 3 9 February 2018
Category 4 Frontloading does not apply to Category 4 9 February 2019

 

  • HSBC Bank plc (LEI: MP6I5ZYZBEU3UXPYFY54) is a category 1 counterparty.
  • HSBC UK Bank plc (LEI: 21380081EP12LC86CB82) is a category 2 counterparty.
  • HSBC Bank USA, National Association (LEI: 1IE8VN30JCEQV1H4R804) is a category 1 counterparty.
  • The Hongkong and Shanghai Banking Corporation Limited (LEI: 2HI3YI5320L3RW6NJ957) is a category 2 counterparty.
  • HSBC France S.A. (LEI: F0HUI1NY1AZMJMD8LP67) is a category 2 counterparty.
  • Trinkaus & Burkhardt AG (LEI: JUNT405OW8OY5GN4DX16) is a category 2 counterparty.

Last updated: 30 September 2016