ESMA will not exempt the collateralisation of bank guarantees for energy derivatives under EMIR

The European Securities and Markets Authority (ESMA) has decided not to further extend the existing grace period of three years for the non-financial firms’ use of non-collateralised bank guarantees to cover transactions in energy derivatives cleared by European central counterparties (CCPs). ESMA therefore reminds firms concerned that from 15 March 2016 CCPs authorised under the …

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