If a non-financial counterparty maintains positions in a class of derivatives that exceeds its threshold, it will be obliged to clear its transactions. The current thresholds defined by ESMA are:
The relevant value for this effect is calculated from the average of the gross notional values by class of derivative, over the past 30 days.
Within a class it is possible to exempt certain positions, particularly those intended for risk hedging, accounted for as such, or related to intra-group transactions in accordance with the regulatory technical standards.