Repositories
Central Clearing Requirements
Central Clearing Requirements Information Repository
Notes (Ontario-Ontario Securities Commission)
(Last Updated: 18 November 2020)
Authority: | Ontario-Ontario Securities Commission |
Jurisdiction: | Ontario |
Note 1 | Canada
Counterparties subject to the mandatory central clearing requirements: The Clearing requirements apply to the following: A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty: (a) the counterparty (i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and (ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs; (b) the counterparty (i) is an affiliated entity of a participant referred to in paragraph (a), and (ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies; (c) the counterparty (i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and (ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies. Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf |
Authority: | Ontario-Ontario Securities Commission |
Jurisdiction: | Ontario |
Note 2 | Canada
Exemptions: 1.The requirements do not apply to the following counterparties: (a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction; (b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities; (c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person; (d) the Bank of Canada or a central bank of a foreign jurisdiction; (e) the Bank for International Settlements; (f) the International Monetary Fund. 2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions. 3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions. Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf |
Authority: | Ontario-Ontario Securities Commission |
Jurisdiction: | Ontario |
Note 3 | Canada
Conditional notional amount These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada. |