Eurex
EMIR 3.0 introduces significant changes for EU market participants subject to the clearing obligation. The new regulation mandates an active account with an EU CCP for OTC IRD in euro and zloty, and STIR in euro.
Following the EU regulators' agreement in early 2024, the final legislative text was confirmed in fall 2024 and EMIR 3.0 will enter into force 20 days after its publication in the EU Official Journal on 4 December, i.e., on 24 December 2024. The active account requirement will take effect six months later, by 24 June 2025. Market participants are encouraged to prepare in advance. Eurex Clearing offers the opportunity to set up this account now, ensuring compliance and benefiting from an EU-based CCP account.
Active Account Requirement
Based on the final legislation and the draft RTS that ESMA recently published for market consultation, EU market participants subject to the clearing obligation and exceeding the current IRD clearing threshold of 3 bn EUR for the products in scope of the active account regime are expected to comply with the below requirements:
Be ready for implementation
ESMA will finalize the RTS to guide the industry’s implementation and submit them for endorsement within six months of EMIR 3.0's entry into force, towards the end of June 2025. The active account regime must nevertheless already be implemented by the same deadline. To prepare accordingly and ensure compliance in time, the draft RTS may hence serve as a baseline scenario in the meantime. Firms are nevertheless well advised to closely align with their relevant competent authority on the implementation of the active account regime until the final RTS are in force.
Matthias Graulich, Chief Strategy Officer and Member of the Executive Board at Eurex Clearing, concludes: “Eurex Clearing is committed to support market participants in their transition and readiness for EMIR 3.0. We encourage firms to start preparing now to benefit from upgraded margin and funding efficiencies. Our integrated services across the Euro Yield Curve have driven growth in euro-denominated swaps and STIR products. Firms can leverage these benefits to optimize their books and at the same time comply with the new regulatory requirements.”
Join us virtually on 14 January, 15:00 CET / 09:00 EST!
Get an overview of ESMA's proposed specifications for the quantitative and qualitative requirements under the "active account" regime and the timeline for implementation.
In addition, our experts will give an update on the continued growth in Eurex's OTC IRD and STIR liquidity pools and discuss key onboarding considerations.
Market Status ⓘ
XEUR
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