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===[[Financial counterparty - EMIR Provision|Financial counterparties]]=== | ===[[Financial counterparty - EMIR Provision|Financial counterparties]]=== | ||
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===[[Non-financial counterparty - EMIR Provision|Non-financial counterparties]]=== | ===[[Non-financial counterparty - EMIR Provision|Non-financial counterparties]]=== | ||
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Depending on the volume of derivatives a counterparty enters into, [[ESMA]] ([[European Securities and Markets Authority]]) has defined a set of clearing thresholds for each class of derivative and [[NFC]]s are classified relative to these thresholds.The calculation is based on gross notional values of positions (excluding cash products and spot [[FX]] that are ‘objectively measurable as reducing risks directly related to its commercial activity or treasury financing activity or that of its group (‘hedging derivatives’). | Depending on the volume of derivatives a counterparty enters into, [[ESMA]] ([[European Securities and Markets Authority]]) has defined a set of clearing thresholds for each class of derivative and [[NFC]]s are classified relative to these thresholds.The calculation is based on gross notional values of positions (excluding cash products and spot [[FX]] that are ‘objectively measurable as reducing risks directly related to its commercial activity or treasury financing activity or that of its group (‘hedging derivatives’). | ||
{{clearingthresholds}} | |||