Position Paper

EMIR 3 trialogues: Adopt changes to the clearing threshold calculation without delay.

Eurogas and its cosignatories of the Joint Energy Associations Group (BDEW, EFET, Eurelectric, and IOGP) endorse the changes agreed by all three EU institutions to the clearing threshold calculations under Article 10 paragraph 3 of EMIR 3, which will help EU energy market participants to maintain and develop liquid, competitive and well-functioning EU energy markets, while securing energy supply.

The proposals adequately amend the methodology of the clearing threshold calculation by excluding cleared derivative transactions, which pose no systemic risk; focusing the calculations on EU non-financial entities (NFCs); and maintaining the necessary provision from the current EMIR 2 enabling centralised risk management.

We are also supportive of further changes proposed by all three EU co-legislators with relevance for NFCs, in particular to guarantee the transparency of margin calls, the use of uncollateralised bank guarantees as eligible collateral and the direct access of NFCs to central clearing.

Finally, we welcome the retention of the exemption for NFCs from intra-group reporting as proposed by the European Parliament and the Council.