Non-financial counterparty

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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.