New OTC derivatives compensation thresholds 2026: what changes for non-financial companies

Key data

If your company uses OTC derivatives to hedge interest rate, currency or commodity risks, this regulation affects you directly. The Commission Delegated Regulation (EU) 2026/2343, published on 21 October 2026, amends Commission Delegated Regulation (EU) No 149/2013 and adjusts the thresholds that trigger the central clearing obligation for non-financial counterparties. Exceeding those thresholds is not a minor matter: it implies operational changes, collateral costs and new reporting obligations.

What does this regulation establish?

The EMIR framework (European Market Infrastructure Regulation) requires non-financial counterparties to centrally clear their OTC derivatives when they exceed certain net position thresholds in each asset class. Commission Delegated Regulation (EU) No 149/2013 originally set those thresholds; now Regulation 2026/2343 updates them and improves the periodic review mechanism.

The specific changes introduced by this regulation are:

• Update of clearing thresholds for each of the five OTC derivative asset classes.
• Improvement of periodic review mechanisms of those thresholds, so they better reflect actual market developments.
• Maintenance of the principle that exceeding the threshold in a single asset class activates the central clearing obligation for all classes.

The five asset classes on which thresholds are calculated are:

The regulation seeks to ensure financial stability and reduce systemic risk in derivatives markets, ensuring that larger positions go through authorized central counterparty (CCP) clearing houses.

Economic and operational impact

For a non-financial company, exceeding clearing thresholds has direct economic and operational consequences:

• Collateral costs: Central clearing requires posting initial and variation margins in cash or high-quality assets, immobilizing liquidity.
• CCP access costs: If the company is not a clearing member, it must operate through a clearing member (bank or broker), which implies additional commissions.
• Operational adaptation: Risk management and treasury systems must be capable of calculating and continuously monitoring net positions by asset class.
• Reporting obligations: Central clearing entails additional reporting obligations to trade repositories.

The update of thresholds may either expand or reduce the number of companies obligated to centrally clear, depending on whether the new values are higher or lower than the previous ones. The regulation does not specify the exact figures of the new thresholds in the published summary; to know the specific values, it is necessary to consult the full text of Regulation 2026/2343.

Who does it affect?

• Industrial and energy companies that use commodity or currency derivatives to hedge production or export risks.
• Exporting and importing companies with currency hedges (FX forwards, cross-currency swaps).
• Companies with floating-rate debt that use interest rate swaps (IRS) to manage their financing costs.
• Holdings and business groups with consolidated OTC derivatives positions at group level.
• Supervised financial entities in the EU that act as counterparties in transactions with non-financial companies.
• CFOs, treasurers and risk managers of any company with OTC derivatives activity, regardless of sector.

Practical example

Imagine a Spanish manufacturing company that exports to the US and has contracted several FX forwards to hedge EUR/USD exchange rate risk, plus an interest rate swap on its floating-rate bank debt.

Under the previous framework (Regulation 149/2013), this company calculated whether its net positions in currency and interest rate derivatives exceeded the applicable thresholds. If it did not exceed them, it was exempt from the central clearing obligation and could continue operating bilaterally with its bank.

With the entry into force of Regulation 2026/2343, the company must recalculate its net positions applying the new updated thresholds. If the currency or interest rate thresholds have been lowered compared to the previous ones, it is possible that the company now exceeds the limit and becomes obligated to centrally clear, with the consequent impact on liquidity (margins) and operational costs. The treasury department must review this situation immediately.

What should companies do now?

1. Read the full text of Regulation 2026/2343 to know the exact values of the new thresholds by asset class (interest rates, currencies, credit, equities and commodities).
2. Calculate current net positions in OTC derivatives for each of the five asset classes, following the methodology established by EMIR.
3. Compare with the new thresholds to determine whether the company is obligated to centrally clear or maintains the exemption.
4. Update continuous monitoring processes to detect when the threshold is approached or exceeded in any asset class, as non-compliance may have regulatory consequences.
5. Coordinate with your bank or broker if the company is expected to become obligated to clear: you need to identify the clearing member, negotiate terms and prepare margin operations.
6. Review the periodic review mechanisms introduced by the regulation, to anticipate future threshold updates and not be surprised by market changes.

Official source

Consult full regulation in official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=CELEX:32026R2343