Energy companies divided on approach to Emir clearing

European utilities are concerned about breaching Emir thresholds requiring firms to clear their OTC derivatives trades, while oil majors are resigned to the idea

European Commission, Brussels

European rules on clearing for over-the-counter derivatives are provoking various responses from energy firms, with a gulf appearing between large utilities that are reluctant to clear their trades and oil majors, which say they have conceded the necessity of OTC clearing.

Under the European Market Infrastructure Regulation (Emir), non-financial counterparties (NFCs) must clear their entire derivatives portfolio – including any hedges – if they breach a series of thresholds. For OTC commodity

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