Recital 5

(5)Commission Delegated Regulation (EU) 2015/2205 ³ (interest rate OTC derivatives) and Commission Delegated Regulation (EU) 2016/592 ⁴ (credit OTC derivatives) identify four categories of counterparty to which the clearing obligation applies. In order to accommodate the specific needs of each category of counterparty, a phased-in application of that clearing obligation has also been laid down in those Delegated Regulations. Given the link between the clearing obligation and the trading obligation, the trading obligation for each category of counterparty should only take effect once the clearing obligation for that category has already taken effect.