Obligation to clear derivative transactions

Under the EU regulation, standardized OTC derivatives have had to be cleared via a central counterparty since August 2012. – Non-standardized OTC derivatives (i.e., contracts that are concluded individually between a buyer and seller and do not reach the market) are not yet subject to clearing. However, it is prescribed that corresponding contracts must be regularly reconciled with regard to the position and that appropriate risk management is carried out. – See Derivatives transactions, bilateral, Derivatives information obligation, Derivatives transactions reporting obligation, Derivatives Ordinance, European Market Infrastructure Regulation. – Cf. Annual Report 2013 of BaFin, p. 164 (presentation of statutory and regulatory requirements).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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