ESMA issues Statement on the Derivatives Trading Obligation

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a Public Statement on the DTO in the context of the migration of credit default swap contracts out of ICE Clear Europe.

The objective of this statement is to support the orderly migration of positions from ICE Clear Europe to other CCPs, following the announcement of the forthcoming closure of ICE Clear Europe’s credit default swap clearing service on 27 October 2023.

Considering the global dimension of the migration, ESMA has closely coordinated its approach with the UK Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC).

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