In the US there is only a narrow exemption from the clearing obligation for non-financial entities that enter into certain hedging transactions. In the EU the clearing obligation applies to financial counterparties when dealing with other financial counterparties; non financial counterparties only become subject to the clearing obligation when their positions exceed a certain threshold.
The progressive completion of global financial integration has created a set of sophisticated networks that link the fortunes of markets, asset classes and financial institutions around the world. We, in the Eurosystem, are very closely monitoring the ongoing significant market correction we have experienced since the middle of last year, taking into account all their possible consequences including on inflation.