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Since our previous note summarising proposed changes to the clearing thresholds under EU EMIR and UK EMIR, the FCA has issued FCA Handbook Notice 141 which confirms that the clearing threshold for commodity derivatives under UK EMIR has been increased to €6bn (instead of the proposed €5bn) from the original level of €3bn. This increase is effective from 29 May 2026.
Given current high commodity prices, this change will be welcomed by the market. Market participants may want to calculate whether, due to this change, they now fall below the clearing thresholds and therefore benefit from reduced regulatory compliance requirements.
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