6/22/2026 3:59:45 PM | less than a minute read

Turning the Tables

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Aggregate thresholds (FCs only)

Asset Class	Proposed Threshold
Credit derivatives	€1 billion
Interest rate derivatives	€3 billion

For the calculation of positions in uncleared OTC derivatives (applicable to both FCs and NFCs), ESMA has set out thresholds that are on the whole lower than the current thresholds, e.g.,

Uncleared thresholds (FCs and NFCs)

Asset Class	Proposed Threshold	Current Threshold
Credit derivatives	€0.8 billion	€1 billion
Equity derivatives	€0.7 billion	€1 billion
Interest rate derivatives	€2.2 billion	€3 billion
FX derivatives	€3 billion	€3 billion
Commodity and emission allowance derivatives**	€4 billion	€4 billion

The clearing thresholds set out by ESMA are subject to review and adoption by the European Commission and a scrutiny period by the European Union co-legislators.