The central clearing obligation, applicable to FC+ and NFC+, has been phased in since June 2016. It covers certain interest rate derivatives (see Delegated Regulation (EU) 2015/2205 and Delegated Regulation (EU) 2016/1178) and certain credit derivatives (see Delegated Regulation (EU) 2016/592).
These categories of OTC derivatives that are subject to the clearing obligation are also listed by the ESMA in its public register.
All OTC derivative contracts that are subject to the clearing obligation must be cleared by a central counterparty that is authorised or recognized by the ESMA. The list of authorised or recognized central counterparties is available in ESMA's public register.
MiFID II Directive and the MiFIR Regulation have introduced mandatory execution of standard instruments on standardized and transparent registered electronic platforms, where entities are eligible for mandatory clearing and where products are considered liquid and standard by the ESMA.