The Markets in Financial Instruments Regulation (‘MiFIR’) extends the permissibility of Indirect Clearing Arrangements to exchange-traded derivatives provided that those arrangements do not increase counterparty risk and ensure that the assets and positions of the counterparty benefit from protection with equivalent effect to that required under EMIR. According to the current version of the RTS (MiFIR) on Indirect Clearing Arrangements (ESMA) certain requirements regarding segregation (in the sense of MiFID/MiFIR) of assets and positions of Indirect Clients have to be met by CCPs.

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