ESMA proposes changes to the scope of the clearing and derivative trading obligations for the benchmark transition

The Report sets out proposed draft Regulatory Technical Standards (RTS) amending the scope of the CO and DTO for OTC interest rate derivatives (IRD) denominated in EUR, GBP, JPY and USD, as part of the transition away from EONIA and LIBOR and onto alternative benchmarks, primarily Risk-Free Rates such as €STR.