FIA publishes eight sets of contractual indirect clearing terms

FIA publishes eight sets of contractual indirect clearing terms

Mitja Siraj, Vice President of Legal Europe at FIA, discusses the recent publication by FIA of eight sets of contractual indirect clearing terms.

Original news

FIA published eight sets of contractual indirect clearing terms, which aim to assist clearing firms with documenting indirect clearing arrangements under the Markets in Financial Instruments Regulation and the European Markets Infrastructure Regulation.

Why has FIA recently published indirect clearing terms?

FIA has played an active advocacy role in the area of indirect clearing since the MiFIR indirect clearing requirements for exchange-traded derivatives (ETDs) were initially proposed in draft MiFIR. Our members were instrumental in providing responses to all ESMA and EC consultations on this topic and we had a number of meetings with policy-makers in the EU and national competent authorities to make sure that the final rules work in practice, achieve the desired policy objectives and have as few unintended consequences as possible. I think no one would disagree with a statement that the indirect clearing requirements, as designed under MiFIR and EMIR, are intellectually challenging and technically difficult to implement, so a lot of effort has gone into designing the rules that work and are ‘implementable’, and also in trying to assist firms with implementation, where possible. Most challenges that clearing firms in Europe have had with implementing these requirements are exacerbated when the indirect clearing chain leaves the EU/EEA and when third-country clearing firms participate in a MiFIR/EMIR indirect clearing arrangement.

After the indirect clearing rules had been agreed and adopted, FIA was asked by its clearing member firms to assist with creating a number industry standard contractual and non-contractual documents to negate the need for each firm to draft those documents individually. FIA worked together with members and external counsel on drafting a number of industry standard documents to help firms comply with the indirect clearing requirements as set out in the MiFIR and EMIR RTS on

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About the author:

Meet Emma:

1.Banking and finance lawyer with experience in derivatives, debt capital markets, securitisation and structured finance in London and Paris

2.Likes ballet, playing the harp and holidays

3.Thinks the law is always changing!

Emma trained and qualified at Allen & Overy LLP and worked in their derivatives and structured finance teams in London and Paris.  She then joined the foreign exchange prime brokerage legal team at Deutsche Bank before spending 4 ½ years with Crédit Agricole CIB advising the fixed income and derivatives desk.