On 14 July 2026, the European Commission adopted a Delegated Regulation amending Delegated Regulation (EU) No 149/2013 to set new clearing thresholds and review mechanisms under EMIR 3 (Regulation (EU) 2024/2987, in force since 24 December 2024). The regulation affects financial and non-financial counterparties subject to the clearing obligation for over-the-counter derivatives.
The new rules introduce aggregate clearing thresholds for financial counterparties only, covering asset classes subject to the clearing obligation: EUR 1 billion gross notional for OTC credit derivatives and EUR 3 billion for OTC interest rate derivatives. For uncleared derivatives, the regulation sets thresholds at 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. These uncleared thresholds are higher than the previous single threshold of EUR 1 billion for all asset classes, reflecting the Commission's assessment of market developments since the original 2013 rules.
The regulation also establishes a new review mechanism requiring the European Securities and Markets Authority (ESMA) to assess at least yearly a set of indicators including prices, volatility, clearing proportions, inflation, global financial conditions, and geopolitical and economic policy uncertainties. If significant changes are identified, ESMA must initiate a review of the thresholds. This mechanism aims to ensure thresholds remain appropriate as markets evolve.
The Delegated Regulation enters into force 20 days after publication in the Official Journal of the European Union. It is part of the broader EMIR 3 framework, which the co-legislators adopted in December 2024 to enhance the resilience of EU derivatives markets. The new thresholds are expected to reduce the compliance burden for smaller counterparties that fall below the uncleared thresholds, while maintaining financial stability by ensuring that larger exposures remain subject to central clearing. Financial counterparties with aggregate positions above the new thresholds will face mandatory clearing for credit and interest rate derivatives, potentially increasing operational costs for those entities. The annual review mechanism gives ESMA a more dynamic role in adjusting thresholds, which could lead to more frequent changes than under the previous static regime.