EMIR 3: The New Clearing Threshold Regime — What Market Participants Need to Know

On 25 February 2026, the European Securities and Markets Authority (ESMA) published its Final Report setting out revised clearing thresholds under EMIR 3. This article explains what is changing, what the new numbers mean in practice, and what action you should be taking now.

The Big Picture: Why This Matters

The European Market Infrastructure Regulation, commonly known as EMIR, sets the framework governing over-the-counter (OTC) derivative markets in the EU. At its core is the clearing obligation: the requirement for certain counterparties to clear eligible OTC derivative contracts through authorised Central Counterparties (CCPs) rather than settling bilaterally.

Whether a counterparty is subject to this obligation depends on whether their OTC derivatives positions exceed defined clearing thresholds. Exceed the threshold in any asset class and mandatory clearing kicks in for all OTC derivatives in that class.

EMIR 3 (Regulation (EU) 2024/2987), which entered into force on 24 December 2024, significantly overhauled how these thresholds are calculated. ESMA has now published the draft Regulatory Technical Standards (RTS) that set out the specific new threshold values, amending Commission Delegated Regulation (EU) No 149/2013.

These RTS are now with the European Commission for endorsement, expected within three months. Until formally adopted, the current rules remain in force.

The Fundamental Change: From All OTC to Uncleared Only

This is the most important conceptual shift and it is worth understanding clearly before looking at the numbers.

The regime also introduces different rules depending on whether you are a Financial Counterparty (FC) or Non-Financial Counterparty (NFC).

For Financial Counterparties (FCs)

FCs face a dual assessment. They must test their positions against:

• An uncleared positions threshold: measuring only uncleared OTC derivatives (shared with NFCs); and

• An aggregate backstop threshold: measuring both cleared and uncleared OTC derivatives, but applicable only for interest rate and credit derivatives (the asset classes currently subject to the clearing obligation).

The backstop threshold exists to ensure that FCs with very large cleared portfolios, who may fall below the uncleared threshold, are still captured by the clearing obligation.

For Non-Financial Counterparties (NFCs)

Two important changes apply to NFCs:

• NFCs now test only against the uncleared threshold. There is no aggregate backstop for NFCs.

• Position calculation moves from group level to entity level. Previously, an NFC included the OTC derivatives of other NFCs in its group. Under EMIR 3, each NFC calculates based only on its own uncleared speculative transactions. Cleared positions and other group entities are excluded.

For many NFCs, particularly those active in energy and commodity markets, this shift to entity-level calculation on an uncleared-only basis is likely to be a favourable change, potentially bringing them below the threshold.

3. The New Threshold Values

ESMA consulted on proposed threshold levels in April 2025 and received 35 responses from a broad range of financial counterparties, non-financial counterparties and trade associations. The final values reflect upward revisions in certain asset classes to account for inflation, price developments and market growth since the original thresholds were set.

Uncleared OTC Positions Threshold — Applies to Both FCs and NFCs

Aggregate OTC Positions Threshold — FCs Only (Backstop)

In addition to the uncleared threshold, FCs must also test against an aggregate threshold covering both cleared and uncleared OTC derivatives. This backstop applies only to the two asset classes subject to the clearing obligation:

What This Means

The impact of these changes will vary significantly depending on your counterparty classification, your derivative activity, and the proportion of your positions that are currently cleared.

If you are a Non-Financial Counterparty

• The shift to entity-level, uncleared-only calculation is likely to be favourable for many NFCs. Cleared positions and those of other group entities are now excluded.

• Energy companies and commodity market participants should re-assess their threshold position under the new methodology, the measured exposure may fall significantly even before the benefit of the higher commodity threshold is considered.

• NFCs relying on VPPAs or other structured hedging should note that these are not eligible for the hedging exemption under the current framework and this has not changed.

If you are a Financial Counterparty

• Review both the uncleared threshold and the aggregate backstop for interest rate and credit derivatives. You must satisfy both tests.

• FCs with large cleared portfolios in interest rate or credit derivatives should pay particular attention to the aggregate backstop, which remains at €3bn and €1bn, respectively.

• The reduced uncleared thresholds for interest rate (€2.2bn), credit (€0.8bn), and equity (€0.7bn) derivatives reflect the narrower scope of what is being measured, not a straightforward tightening of the regime.

Next Steps and Timeline

We recommend that regulated entities begin preparing now by:

• Modelling their positions under the new uncleared-only methodology to understand the change in their measured exposure;

• Reviewing group structure and the impact of the move from group-level to entity-level calculation (for NFCs);

• Assessing whether any current clearing obligation would continue under the new regime, or whether they may fall below a threshold; and

• Updating internal threshold monitoring and compliance processes ahead of the RTS coming into force.