Bíonn deacrachtaí ag contrapháirtithe a bhfuil méid teoranta gníomhaíochta acu i marga díorthach thar an gcuntar rochtain a fháil ar imréiteach lárnach, bíodh sin ina gcáil mar chliant comhalta imréitigh nó trí shocruithe imréitigh indíreacha.
Counterparties that have a limited volume of activity in the OTC derivatives market face difficulties in accessing central clearing, whether as a client of a clearing member or through indirect clearing arrangements.
(34) D'fhéadfadh saobhadh iomaíoch gan choinne tarlú i margadh na ndíorthach thar an gcuntar má thugtar isteach oibleagáid imréitigh mar aon le próiseas lena shuíomh cé na contrapháirtithe lárnacha is féidir a úsáid ar mhaithe leis an oibleagáid sin.
(34) The introduction of a clearing obligation along with a process to establish which CCPs can be used for the purpose of this obligation may lead to unintended competitive distortions of the OTC derivatives market.
Ba cheart don Choimisiún leanúint le faireachán géar a dhéanamh ar an athrú a thagann ar mhargadh na ndíorthach thar an gcuntar agus ba cheart dó, nuair is gá sin, idiragairt chun saobhadh iomaíoch a chosc sa mhargadh inmheánach arb é an aidhm atá leis deis chothrom a áirithiú sna margaí airgeadais.
The Commission should continue to monitor closely the evolution of the OTC derivatives market and should, where necessary, intervene in order to prevent competitive distortions from occurring in the internal market with the aim of ensuring a level playing field in the financial markets.
D'fhéadfadh saobhadh iomaíoch gan choinne tarlú i margadh na ndíorthach thar an gcuntar má thugtar isteach oibleagáid imréitigh mar aon le próiseas lena shuíomh cé na contrapháirtithe lárnacha is féidir a úsáid ar mhaithe leis an oibleagáid sin.
The introduction of a clearing obligation along with a process to establish which CCPs can be used for the purpose of this obligation may lead to unintended competitive distortions of the OTC derivatives market.
Ba cheart don Choimisiún leanúint le faireachán géar a dhéanamh ar an athrú a thagann ar mhargadh na ndíorthach thar an gcuntar agus ba cheart dó, nuair is gá sin, idiragairt chun saobhadh iomaíoch a chosc sa mhargadh inmheánach arb é an aidhm atá leis deis chothrom a áirithiú sna margaí airgeadais.
The Commission should continue to monitor closely the evolution of the OTC derivatives market and should, where necessary, intervene in order to prevent competitive distortions from occurring in the internal market with the aim of ensuring a level playing field in the financial markets.
Ar na ceanglais atá ann, tá conarthaí caighdeánaithe díorthach thar an gcuntar a imréiteach go lárnach; ceanglais corrlach agus ceanglais maidir le maolú rioscaí oibríochtúla do chonarthaí díorthach thar an gcuntar nach n-imréitítear go lárnach, oibleagáidí tuairiscithe maidir le conarthaí díorthach, cuidíonn ceanglais ar chontrapháirtithe lárnacha agus ceanglais ar stórtha trádála, leis an riosca sistéamach a laghdú trí thrédhearcacht na margaí díorthach thar an gcuntar a mhéadú agus tríd an riosca creidmheasa do chontrapháirtithe agus an riosca oibríochtúil a bhaineann le díorthaigh thar an gcuntar a laghdú.
The requirements it contains, namely, central clearing of standardised over-the-counter (OTC) derivative contracts, margin requirements and operational risk mitigation requirements for OTC derivative contracts that are not centrally cleared, reporting obligations for derivative contracts, requirements for central counterparties (CCPs) and requirements for trade repositories, contribute to reducing the systemic risk by increasing the transparency of the OTC derivatives market and reducing the counterparty credit risk and the operational risk associated with OTC derivatives.
Agus é á chur san áireamh gurb é cuspóir Airteagal 4(3a) de Rialachán (AE) Uimh. 648/2012 rochtain ar imréiteach a éascú le haghaidh cliaint a bhfuil méid gnó teoranta acu i margadh na ndíorthach thar an gcuntar agus a bhfuil deacrachtaí acu rochtain a fháil ar imréiteach lárnach, agus i bhfianaise a thábhachtaí atá sé rochtain a fháil ar imréiteach lárnach do chontrapháirtithe atá faoi réir na hoibleagáide imréitigh, ba cheart feidhm a bheith ag an Rialachán seo maidir le seirbhísí imréitigh a chur ar fáil i ndáil le conarthaí díorthach thar an gcuntar atá faoi réir na hoibleagáide imréitigh de bhun Airteagal 4(1) de Rialachán (AE) Uimh. 648/2012.
Taking into account that the objective of Article 4(3a) of Regulation (EU) No 648/2012 is to facilitate access to clearing for clients that have a limited volume of activity in the OTC derivatives market and face difficulties in accessing central clearing, and given the importance of accessing central clearing for counterparties subject to the clearing obligation, this Regulation should apply to the provision of clearing services in relation to OTC derivative contracts that are subject to the clearing obligation pursuant to Article 4(1) of Regulation (EU) No 648/2012.