The European Securities and Markets Authority (“ESMA”) published a statement regarding its consultation paper on the clearing obligation for non-deliverable foreign exchange forwards (“NDFs”).
The European Markets Infrastructure Regulation requires ESMA to draft technical standards for the clearing obligations of different derivative classes. The statement summarizes the feedback received in response to the consultation paper.
Based on the feedback that it received, ESMA stated, it is not proposing a clearing obligation on the NDF classes at this stage. ESMA explained that more time is needed to address appropriately the main concerns raised during the consultation.
See: ESMA Feedback Statement.