On 23 July 2026, the Council of the European Union published a Commission Delegated Regulation amending the regulatory technical standards in Delegated Regulation (EU) No 149/2013, implementing the new clearing thresholds regime introduced by EMIR 3 (Regulation (EU) 2024/2987). The regulation sets new clearing thresholds for aggregate and uncleared positions in over-the-counter (OTC) derivatives and establishes a mandatory annual review mechanism to be conducted by the European Securities and Markets Authority (ESMA).
The delegated regulation replaces Article 11 of Delegated Regulation (EU) No 149/2013 to set new aggregate clearing thresholds: EUR 1 billion for OTC credit derivatives and EUR 3 billion for OTC interest rate derivatives. It also inserts a new Article 11a establishing uncleared clearing thresholds: EUR 0.8 billion for credit derivatives, EUR 0.7 billion for equity derivatives, EUR 2.2 billion for interest rate derivatives, EUR 3 billion for foreign exchange derivatives, and EUR 4 billion combined for commodity and emission allowance derivatives. A new Article 11b requires ESMA to assess at least yearly key indicators—including underlying prices, volatility, clearing proportions, inflation, global financial conditions, and geopolitical uncertainty—to trigger a review of threshold values.
The regulation aims to ensure prudent coverage of financial counterparties subject to the clearing obligation, mitigating systemic risks from exposures to third-country central counterparties (CCPs). It increases uncleared thresholds for commodity derivatives to account for price changes and inflation, and for interest rate derivatives to avoid overlap with the aggregate threshold, thereby reducing operational burden for market participants. The annual review mechanism provides stability and predictability, limiting disruptive adjustments while allowing timely responses to market changes.
Stakeholder Impact Financial counterparties subject to the clearing obligation will benefit from clearer, risk-based thresholds that reduce the likelihood of sudden clearing requirements, lowering compliance costs. However, counterparties with large uncleared positions may face higher margin requirements if thresholds are revised downward in future reviews. ESMA gains a formal role in monitoring and recommending threshold adjustments, enhancing its supervisory authority. EU CCPs may see increased clearing volumes for credit and interest rate derivatives, boosting their business, but could face competition from third-country CCPs if thresholds are set too high. The regulation provides regulatory stability for market participants, but the annual review mechanism introduces periodic uncertainty about future threshold levels.
Institutional Follow-Up The delegated regulation will enter into force following its publication in the Official Journal of the European Union, subject to scrutiny by the European Parliament and the Council. ESMA is expected to conduct its first annual review within one year of the regulation's entry into force, with any proposed threshold adjustments to be adopted through further delegated acts.