In February 2019, the European Parliament and the Council agreed on amendments to the rules on derivatives clearing. A cepAdhoc explains the changes and assess them.


In the cep's view, the relaxation of the clearing obligations for financial and non-financial counterparties that are only active to a limited extent on the derivatives markets is acceptable, as the burden on these counterparties for the clearing of their derivatives contracts is regularly higher than the gain in increased financial stability. It is also acceptable to extend the exemption for pension schemes for a further two years. However, a further extension would not be appropriate, as distortions of competition would persist. The introduction of FRAND conditions should be rejected.