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===[[Financial counterparty - EMIR Provision|Financial counterparties]]===
===[[Financial counterparty - EMIR Provision|Financial counterparties]]===
 
Er -


===[[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’).


====[[Clearing thresholds]] by class====
{{clearingthresholds}}
*'''Credit''': EUR1billion
*'''Equity''': EUR1 billion
*'''Interest Rates''': EUR3 billion
*'''Foreign Exchange''': EUR3 billion
*'''Commodities and others''': EUR3 billion
 
====NFC Sub-categorisation====
The regulatory obligations imposed on NFCs depend upon their NFC sub-categorisation.
 
*'''[[NFC+]]''': A “[[non-financial counterparty above the threshold]]” or [[NFC+]], is one whose '''rolling average position over 30 working days''' (excluding hedging derivatives) exceeds the [[Clearing thresholds - EMIR|thresholds]].
*'''[[NFC-]]''': A [[non-financial counterparty below the threshold]] or [[NFC-]], is one whose '''rolling average position over 30 working days''' doesn’t exceed the [[Clearing thresholds - EMIR|thresholds]] in any derivative classes.
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