EU firms want clarity on new active account operational test

Final Esma rules reduce burden, but require firms to prepare for higher onshore clearing volumes

Market participants have generally welcomed the easing of requirements in final rules governing the onshoring of derivatives clearing in the European Union, but there’s a sting in the tail. The rules require firms to prepare for the possibility of much higher volumes being cleared at EU central counterparties (CCPs) in future, but regulators haven’t yet specified exactly how this operational