Info
🔗 Back to Summary. 🇫🇷 French Version: 2026R0305_FR.6. Back to Summary of LVL1. Direct link to EUR-LEX.
Article 5 – Representativeness obligation for interest rate OTC derivatives denominated in Polish zloty ⬅️ | ➡️ Article 7 – Reporting on aggregate thresholds for assessing compliance with the active account
Article 6 - Representativeness obligation for short-term interest rate derivatives denominated in euro
1.
Counterparties subject to the obligation set out in 2012, and clearing short-term interest rate derivatives denominated in euro, shall clear at least the required minimum number of trades as set forth in the fifth subparagraph of Article 7a(4) in Regulation (EU) No 648/2012 in each of the four most relevant subcategories at an authorised CCP for each class of derivatives in Table 6 set out in Annex I to this Regulation.
2.
For each class of derivatives set out in Table 6 of Annex I to this Regulation, counterparties referred to in paragraph 1 of this Article shall identify the four most relevant subcategories in which they clear the most trades at a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. The four most relevant subcategories shall be selected, for each class of derivatives set out in Table 6 of Annex I to this Regulation, among the subcategories set out in Table 7 of Annex I to this Regulation for derivatives referencing Euribor over the reference period referred to in paragraph 3 and among the subcategories set out in Table 8 of Annex I to this regulation for derivatives referencing €STR over the reference period referred to in paragraph 4.
3.
For short-term interest rate derivatives referencing the Euro Interbank Offered Rate (Euribor), the reference period referred to in Article 7a(4), fifth subparagraph, first sentence, of Regulation (EU) No 648/2012 shall be:
(a)
one month for counterparties with a notional clearing volume outstanding of more than EUR 100 billion in derivative contracts;
(b)
six months for counterparties with a notional clearing volume outstanding of less than EUR 100 billion in derivative contracts.
4.
For short-term interest rate derivatives referencing the Euro short-term rate (€STR), the reference period shall be:
(a)
six months for counterparties with a notional clearing volume outstanding of more than EUR 100 billion in derivative contracts;
(b)
12 months for counterparties with a notional clearing volume outstanding of less than EUR 100 billion in derivative contracts.
5.
For the purposes of paragraphs 1 to 4, counterparties shall be able to demonstrate to the competent authority concerned that there are no systematic or material differences in average trade sizes of the products cleared at an authorised CCP and products cleared at a clearing service of substantial systemic importance.