(3)Regulation (EU) No 648/2012 of the European Parliament and of the Council 3 requires central clearing of certain classes of OTC derivatives. As a consequence, counterparties of certain hedging instruments should agree to replace their original counterparty of the hedging transaction by a central counterparty that is compliant with the requirements of that Regulation.
Recital 3
- 3 Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ( OJ L 201, 27.7.2012, p. 1 ). ↩