First wave of EU client clearing to catch estimated 400 firms

Two of the 30 firms contacted by Risk say they will fall into Emir’s crucial category two

Lee McCormack, Nomura

One of the big mysteries of Europe's incoming clearing regime is the identity of its so-called category two firms. Originally covering almost all of the region's derivatives participants, the category was split by the European Securities and Markets Authority (Esma) in October, and may now apply to as few as 75 big clients, according to one bank's estimate, or as many as 400, says another.

It matters because companies in category two will be the first to fall subject to Esma's clearing rules –

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