ACH = Allied Clearing House
ICM = Individual Clearing Member
GCM = General Clearing Member
CDS SM = Select Member
SM = Sponsored Clearing Member
SCM = SwapClear Clearing Member
CDS GM = General Member
Co CCP = Interoperable CCP
FXCM = ForexClear Clearing Member
FXFCM = ForexClear FCM
SFCM = SwapClear FCM
AM = Agent Member
CM = Clearing Member
EU clearing mandate - Category 1 clearing members
The clearing mandate for certain derivatives under the European Market Infrastructure Regulation (EMIR) is being implemented. The entry into force of the EU Commission rules on the mandates triggers a phased-in implementation by type of counterparty included in four categories. LCH publishes a list of clearing members in the format specified by the European Securities and Markets Authority (ESMA) to help market participants identify those included in Category 1 (definition below).
To date the EU Commission has finalised the legislation in respect of the following asset classes:
G4 Interest Rate Derivatives (IRDs):
The rules entered into force on 21st December 2015
The clearing obligation for category 1 took effect on 21st June 2016
Credit Default Swaps:
The rules entered into force on 9th May 2016.
The clearing obligation for category 1 will take effect on 9th February 2017.
Certain EEA currencies IRDs:
The rules entered into force on 9th August 2016.
The clearing obligation for category 1 will take effect on 9th February 2017.
Definition of Category 1:
Category 1 includes counterparties which are clearing members of a specific asset class when the ESMA rules on the clearing obligation for that specific asset class enter into force.
To this effect the current lists include information on counterparties which are clearing members of SwapClear for either G4 IRDs or EEA IRDs subject to the mandate as of 9th August; and counterparties which are clearing members of CDSClear for Credit Default Swaps subject to the mandate as of 9th May 2016.