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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

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Article 11 (Article 10(4)(b) of Regulation (EU) No 648/2012)Clearing thresholds

The clearing thresholds values for the purpose of the clearing obligation shall be:

  1. (a)

    EUR 1 billion in gross notional value for OTC credit derivative contracts;

  2. (b)

    EUR 1 billion in gross notional value for OTC equity derivative contracts;

  3. (c)

    EUR 3 billion in gross notional value for OTC interest rate derivative contracts;

  4. (d)

    EUR 3 billion in gross notional value for OTC foreign exchange derivative contracts;

  5. (e)

    EUR 3 billion in gross notional value for OTC commodity derivative contracts and other OTC derivative contracts not provided for under points (a) to (d).