The European Securities and Markets Authority’s latest consultation on how OTC derivatives should be cleared has finally brought the main element of G20-led swaps reforms into focus, offering certainty on timelines and more detail on the products that will fall under the new rules.

As part of its responsibilities under the European Market Infrastructure Regulation, Esma plays a crucial role in preparing the market for OTC derivatives clearing, regarded as central to the aim of improving transparency and limiting systemic risk.