Non-financial counterparty

European Market Infrastructure Regulation Anatomy™ →Go uptown “non-financial counterparty” means an undertaking established in the Union other than the entities referred to in points (1) (CCP) and (8) (financial counterparty) Index: Click ᐅ to expand: EMIR Navigation: European Market Infrastructure Regulation 648/2012 (EUR Lex) | uncleared margin regulation | clearing thresholds | non-financial counterparty Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

An NFC is that fellow who is not, in ESMA’s eyes, a financial counterparty. Relevant for determining clearing thresholds (and by extension variation margin thresholds) whereupon you must inspect your NFC’s bona fides to determine whether it is an NFC+ or an NFC- (the latter being he who is not, in ESMA’s eyes, an NFC+.

Anyone else is a financial counterparty, and doesn’t get to enjoy the wobbling and subjective edifice of the get-out-of-EMIR-jail-cards that are the EMIR clearing thresholds.