natgillin/translations-raw huggingface dataset:
For at det i forbindelse med transaktioner i clearede derivater, der indgås på en markedsplads, allerede før transaktionen indgås, kan konstateres, om transaktionen vil blive clearet af en CCP, bør markedspladsen og CCP'en have regler, der sikrer, at transaktionen kan cleares automatisk.
Where cleared derivative transactions are concluded on a trading venue, in order to identify before a transaction is entered into whether the transaction will be cleared by a CCP, the trading venue and the CCP should have rules to ensure that that transaction can be automatically cleared.
Ellers bør markedspladsen give CCP'ens clearingmedlemmer mulighed for at kontrollere ordrer i forhold til de grænser, de har sat for deres kunder.
Otherwise, the trading venue should provide the ability to clearing members of the CCP to check orders against the limits set for their clients.
Den tid, som en markedsplads gives til at behandle en transaktion i clearede derivater, bør være kortere for transaktioner i clearede derivater, der handles elektronisk, end for transaktioner i clearede derivater, der ikke handles elektronisk, da behandlingen i førstnævnte tilfælde må formodes i højere grad at være automatiseret.
The time granted to a trading venue to process a cleared derivative transaction should be shorter for electronically traded cleared derivative transactions than for non-electronically traded cleared derivative transactions as the level of automated processing should be higher in the former case.
Markedspladsen bør sende oplysninger vedrørende transaktioner i clearede derivater til en CCP i et forud fastsat elektronisk format, både i tilfælde af transaktioner i clearede derivater, der handles elektronisk, og i tilfælde af transaktioner i clearede derivater, der ikke handles elektronisk.
A trading venue should send the information related to cleared derivative transactions to a CCP in a pre-agreed electronic format for both electronically traded and non-electronically traded cleared derivative transactions.
Derfor bør den tid, som CCP'er gives til at afgøre, om en transaktion i clearede derivater kan accepteres til clearing, være den samme for transaktioner i clearede derivater, der handles elektronisk, og for transaktioner i clearede derivater, der ikke handles elektronisk.
Therefore, the time granted to a CCP to decide whether a cleared derivative transaction can be accepted for clearing should be the same for electronically traded and non-electronically traded cleared derivative transactions.
Behandlingen af transaktioner i clearede derivater, der indgås på bilateral basis, er normalt mindre automatiseret end behandlingen af transaktioner i clearede derivater, der indgås på en markedsplads.
The processing of cleared derivative transactions entered into on a bilateral basis is usually less automated than the processing of cleared derivative transactions concluded on a trading venue.
Den frist, der indrømmes modparter, til at sende en transaktion i clearede derivater, der indgås på bilateral basis, til en CCP bør derfor være længere end fristen for en transaktion i clearede derivater, der indgås på en markedsplads.
Therefore, the time granted to counterparties to submit a cleared derivative transaction entered into on a bilateral basis to a CCP should be longer than the time granted for a cleared derivative transaction concluded on a trading venue.
Af hensyn til styringen af kreditrisikoen ved transaktioner i clearede derivater, der indgås på bilateral basis, bør en CCP tillade clearingmedlemmer at undersøge deres kunders transaktionsoplysninger og at afgøre, om de vil acceptere transaktionerne.
In order to manage the credit risks related to cleared derivative transactions that are entered into on a bilateral basis, a CCP should allow clearing members to review the transaction details of their clients and to decide whether to accept it.
Da processen mellem en CCP og et clearingmedlem normalt er automatiseret, må det antages, at denne proces kun kræver begrænset tid.
As the process between a CCP and a clearing member is usually automated, this process should require limited time.
CCP'er og clearingmedlemmer styrer kreditrisici i tilknytning til opbygningen af løbende eksponeringer som følge af clearing af clearede derivater.
CCPs as well as clearing members manage credit risk associated to the build-up of current exposures resulting from the clearing of cleared derivatives.
Typisk indebærer dette også, at CCP'en eller clearingmedlemmet sætter grænser pr. modpart for at mindske den dermed forbundne eksponeringsrisiko, hvilket kan resultere i, at nye anmodninger om at cleare visse transaktioner i clearede derivater ikke accepteres af clearingmedlemmet eller CCP'en.
Typically, this includes the setting of limits by the CCP or the clearing member per counterparty in order to mitigate the associated exposure risk, which can result in new requests to clear certain cleared derivative transactions not being accepted by the clearing member or by the CCP.
At det sikres, at transaktioner i clearede derivater sendes til clearing så hurtigt, som det er teknologisk muligt, indebærer derfor ikke, at alle transaktioner i clearede derivater vil blive accepteret til clearing under alle omstændigheder.
Ensuring that cleared derivative transactions are submitted to clearing as quickly as technologically practicable does not therefore imply that all cleared derivative transactions will be accepted for clearing in all circumstances.
Hvis transaktioner i clearede derivater ikke accepteres til clearing, bør modparterne have klarhed om behandlingen af disse transaktioner, således at de kan afdække deres risiko.
Where cleared derivative transactions are not accepted for clearing, counterparties should have clarity on the treatment of those transactions in order to hedge their risk.
Da behandlingen af transaktioner i clearede derivater, der indgås elektronisk på en markedsplads, og som sendes til clearing hos en CCP, kun kræver begrænset tid, er det også meget begrænset, hvor lang tid markedet har til at bevæge sig, og hvor meget værdien af og risikoen ved transaktionen i clearede derivater kan nå at ændre sig fra ordreplaceringen til ikke-accepten.
As the processing of a cleared derivative transaction concluded electronically on a trading venue and submitted for clearing to a CCP requires limited time, the time for the market to move, and for the value and the risk of the cleared derivative transaction to change, in between the order and the non-acceptance is also very limited.
Da den skade, som modparter potentielt kan lide, hvis transaktioner ikke accepteres til clearing af CCP'en, er minimal, og for at give modparterne vished, bør transaktioner i clearede derivater, der indgås elektronisk på en markedsplads, og som ikke accepteres til clearing af en CCP, betragtes som annullerede.
Since the damage potentially suffered by counterparties whose transactions are not accepted for clearing by the CCP is negligible, and in order to provide certainty to counterparties, cleared derivative transactions concluded electronically on a trading venue and not accepted for clearing by a CCP should be considered void.
Da behandlingen af transaktioner i clearede derivater, som ikke indgås elektronisk på en markedsplads, normalt tager længere tid, kan markedet i mellemtiden have bevæget sig, og værdien af og risikoen ved transaktionen i clearede derivater kan have ændret sig væsentligt.
As the processing of cleared derivative transactions other than cleared derivative transactions concluded electronically on a trading venue usually takes a longer time, this period of time may be sufficiently long for the market to have moved, and for the value and the risk of the cleared derivative transaction to have changed significantly, in the meantime.
At erklære transaktionen ugyldig er derfor måske ikke den bedst egnede behandling for alle transaktioner, der ikke accepteres af CCP'en.
Therefore, voiding the transaction might not be the appropriate treatment for all transactions non-accepted by the CCP.
For at give vished om behandlingen af transaktioner i clearede derivater, der ikke er transaktioner i clearede derivater, der indgås elektronisk på en markedsplads, og som ikke accepteres til clearing af en CCP, bør det af markedspladsens regler og i givet fald af kontrakten mellem modparterne på forhånd fremgå, hvordan disse transaktioner skal behandles.
To provide certainty on the treatment of cleared derivative transactions other than cleared derivative transactions concluded electronically on a trading venue and not accepted by a CCP for clearing, the rules of the trading venue, and the contractual arrangements between the counterparties where appropriate, should clarify in advance how these transactions are to be treated.
Hvis en transaktion i clearede derivater ikke accepteres til clearing af andre grunde end kreditrisikorelaterede grunde, f.eks. tekniske eller formelle problemer som følge af videregivelse af unøjagtige eller ufuldstændige oplysninger, kan det forekomme, at modparterne stadig ønsker at cleare den pågældende derivattransaktion.
When a cleared derivative transaction is not accepted for clearing for reasons other than credit-risk related reasons such as technical or clerical problems arising from the transmission of inaccurate or incomplete information, the counterparties may still want to clear that derivative transaction.
Hvis modparterne aftaler at sende transaktionen igen, forudsat at transaktionen sendes igen inden for relativt kort tid fra den første fremsendelse, og at den fornyede fremsendelse giver mulighed for at undersøge og afhjælpe grundene til, at transaktionen ikke blev accepteret til clearing, kan en ny fremsendelse i form af en ny transaktion i clearede derivater med samme økonomiske vilkår tillades, da det stadig sikrer behørig styring af operationelle eller andre ikke-kreditrelaterede risici.
Where both counterparties agree to re-submit the transaction, provided that the transaction is resubmitted within a relatively short period of time from the first submission and that resubmission allows the investigation and the resolution of the reason why the transaction was not accepted for clearing, a second submission in the form of a new cleared derivative transaction with the same economic terms may be allowed as it still ensures proper management of operational or other non-credit related risks.
ESMA har gennemført åbne offentlige høringer om det udkast til reguleringsmæssige tekniske standarder, som ligger til grund for denne forordning, analyseret de potentielle omkostninger og fordele i forbindelse hermed samt anmodet interessentgruppen for værdipapirer og markeder, der er nedsat i henhold til artikel 37 i Europa-Parlamentets og Rådets forordning (EU) nr. 1095/2010 [2], om en udtalelse —
ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [2],
Ordninger til forbedret overførsel af oplysninger
Arrangements to facilitate the transfer of information
Det skal af en markedsplads' regler fremgå, hvilke oplysninger markedspladsen har brug for fra modparter i en transaktion i clearede derivater for at kunne sende den pågældende transaktion til en CCP til clearing, og i hvilket format disse oplysninger skal stilles til rådighed.
A trading venue shall detail in its rules the information it needs from counterparties to a cleared derivative transaction in order to submit that transaction to a CCP for clearing, and the format in which that information shall be provided.
Det skal af en CCP's regler fremgå, hvilke oplysninger CCP'en har brug for fra modparter i en transaktion i clearede derivater og fra markedspladser for at kunne cleare den pågældende transaktion, og i hvilket format disse oplysninger skal stilles til rådighed.
A CCP shall detail in its rules the information it needs from counterparties to a cleared derivative transaction and from trading venues in order to clear that transaction, and the format in which that information shall be provided.
Førhandelskontrol af transaktioner i clearede derivater, der indgås på en markedsplads
Pre-trade check for cleared derivative transactions concluded on a trading venue
Markedspladser og clearingmedlemmer skal behandle ordrer om indgåelse af transaktioner i clearede derivater på en markedsplads i henhold til kravene i stk. 2, 3 og 4, undtagen hvis alle de i litra a), b) og c), i dette stykke omhandlede betingelser er opfyldt:
Trading venues and clearing members shall subject orders for the conclusion of cleared derivative transactions on a trading venue to the requirements set out in paragraphs 2, 3 and 4, except where all the conditions set out in points (a), (b) and (c) of this paragraph are satisfied:
Det kræves i markedspladsens regler, at hvert medlem af eller hver deltager på markedspladsen, som ikke er clearingmedlem af en CCP, gennem hvilken transaktionen i clearede derivater cleares, har en kontrakt med et clearingmedlem af CCP'en, i henhold til hvilken clearingmedlemmet automatisk bliver modpart i transaktionen i clearede derivater.
the rules of the trading venue require that each member or participant of the trading venue, which is not a clearing member of a CCP through which the cleared derivative transaction is cleared, has a contractual arrangement with a clearing member of the CCP under which the clearing member automatically becomes counterparty to the cleared derivative transaction;
Det kræves i CCP'ens regler, at transaktionen i clearede derivater, der indgås på en markedsplads, cleares automatisk og straks, og at clearingmedlemmet som omhandlet i litra a) bliver CCP'ens modpart.
the rules of the CCP provide that the cleared derivative transaction concluded on a trading venue is cleared automatically and immediately, with the clearing member referred to in point (a) becoming the counterparty to the CCP;
Det kræves i markedspladsens regler, at medlemmet af eller deltageren på markedspladsen eller dettes/dennes kunde bliver modpart i transaktionen i clearede derivater, efter at transaktionen i clearede derivater er clearet, i henhold til direkte eller indirekte clearingordninger indgået med clearingmedlemmet.
the rules of the trading venue provide that the member or participant of the trading venue or its client becomes counterparty to the cleared derivative transaction, after the cleared derivative transaction is cleared, pursuant to direct or indirect clearing arrangements entered into with the clearing member.
En markedsplads skal stille værktøjer til rådighed for at sikre, at hvert clearingmedlem, før transaktionen indgås, for hver ordre kontrollerer, at de grænser, som clearingmedlemmet har sat og anvender for sin kunde i henhold til Kommissionens delegerede forordning (EU) 2017/589 [3], overholdes.
A trading venue shall provide tools to ensure pre-conclusion screening on an order-by-order basis by each clearing member of the limits set and maintained by that clearing member for its client pursuant to Commission Delegated Regulation (EU) 2017/589 [3].
En markedsplads skal før udførelsen af ordren sikre, at kundens ordre ligger inden for de grænser, der i henhold til stk. 2 gælder for denne kunde:
A trading venue shall ensure before the conclusion of the order that the order of the client is within the limits applicable to this client in accordance with paragraph 2:
inden for 60 sekunder fra modtagelsen af ordren, hvis ordren behandles elektronisk
within 60 seconds from the receipt of the order when the order is entered into electronically;
inden for 10 minutter fra modtagelsen af ordren, hvis ordren ikke behandles elektronisk.
within 10 minutes from the receipt of the order when the order is not entered into electronically.
Hvis ordren ikke ligger inden for de grænser, der gælder for kunden i henhold til stk. 2, skal markedspladsen underrette kunden og clearingmedlemmet om, at ordren ikke kan udføres, inden for følgende frister:
When the order is not within the limits applicable to the client in accordance with paragraph 2, the trading venue shall inform the client and the clearing member that the order cannot be concluded in accordance with the following timelines:
i realtid, hvis ordren behandles elektronisk
where the order is entered into electronically, on a real-time basis;
inden for 5 minutter fra det tidspunkt, hvor ordren blev kontrolleret i forhold til de gældende grænser, hvis ordren ikke behandles elektronisk.
where the order is not entered into electronically, within 5 minutes as from the moment when the order was checked against the applicable limits.
Frister for overførsel af oplysninger vedrørende transaktioner i clearede derivater, der indgås på en markedsplads
Time frames for the transfer of information for cleared derivative transactions concluded on a trading venue
Markedspladsen, CCP'en og clearingmedlemmet er omfattet af kravene i stk. 2-5 i denne artikel, medmindre alle betingelserne i artikel 2, stk. 1, litra a), b) og c), er opfyldt.
The trading venue, the CCP and the clearing member shall be subject to the requirements set out in paragraphs 2 to 5 of this Article except where all the conditions set out in points (a), (b) and (c) of Article 2(1) are met.
Ved transaktioner i clearede derivater, der indgås elektronisk på en markedsplads, skal markedspladsen sende oplysningerne om hver transaktion til CCP'en inden for 10 sekunder fra indgåelsen af transaktionen.
For cleared derivative transactions that are concluded on a trading venue electronically, the trading venue shall send the information related to each transaction to the CCP within 10 seconds from the conclusion of the transaction.
Ved transaktioner i clearede derivater, der indgås ikke-elektronisk på en markedsplads, skal markedspladsen sende oplysningerne om hver transaktion til CCP'en inden for 10 minutter fra indgåelsen af transaktionen.
For cleared derivative transactions that are concluded on a trading venue non-electronically, the trading venue shall send the information related to each transaction to the CCP within 10 minutes from the conclusion of the transaction.
En CCP skal acceptere eller ikke acceptere en transaktion i clearede derivater, der indgås på en markedsplads, til clearing inden for 10 sekunder fra modtagelsen af oplysningerne fra markedspladsen og underrette clearingmedlemmet og markedspladsen om eventuel ikke-accept i realtid.
A CCP shall accept or not accept for clearing a cleared derivative transaction concluded on a trading venue within 10 seconds from receiving the information from the trading venue and inform the clearing member and the trading venue of any non-acceptance on a real time basis.
Clearingmedlemmet og markedspladsen skal underrette den modpart, der indgik transaktionen i clearede derivater på markedspladsen om ikke-accepten, så snart CCP'en har underrettet dem om ikke-accepten.
The clearing member and the trading venue shall inform the counterparty that concluded the cleared derivative transaction on the trading venue of the non-acceptance as soon as the CCP has informed them of a non-acceptance.
Frister for overførsel af oplysninger vedrørende transaktioner i clearede derivater, der indgås på bilateral basis
Time frames for the transfer of information for cleared derivative transactions concluded on a bilateral basis
Ved transaktioner i clearede derivater, der indgås af modparter på bilateral basis, skal clearingmedlemmet:
For cleared derivative transactions concluded by counterparties on a bilateral basis, the clearing member shall:
fra sin kunde indhente dokumentation for tidspunktet for indgåelsen af den transaktion, der er sendt til clearing
obtain evidence from its client of the conclusion time frame of the transaction submitted for clearing;
sikre, at modparterne til CCP'en sender de i artikel 1, stk. 2, omhandlede oplysninger inden for 30 minutter fra indgåelsen af transaktionen.
ensure that the counterparties send to the CCP the information referred to in Article 1(2) within 30 minutes from the conclusion of the transaction.
CCP'en skal til sit clearingmedlem sende de i stk. 1, litra b), omhandlede oplysninger vedrørende transaktionen inden for 60 sekunder fra modtagelsen af disse oplysninger fra modparterne.
The CCP shall send to its clearing member the information referred to in point (b) of paragraph 1 related to the transaction within 60 seconds from receiving this information from the counterparties.
Clearingmedlemmet skal acceptere eller ikke acceptere transaktionen inden for 60 sekunder fra modtagelsen af oplysningerne fra CCP'en.
The clearing member shall accept or not accept the transaction within 60 seconds from receiving the information from the CCP.
CCP'en skal acceptere eller ikke acceptere clearing af en transaktion i clearede derivater, der indgås på bilateral basis, inden for 10 sekunder fra modtagelsen af clearingmedlemmets accept eller ikke-accept.
The CCP shall accept or not accept the clearing of a cleared derivative transaction concluded on a bilateral basis within 10 seconds from the receipt of the clearing member's acceptance or non-acceptance.
Stk. 2 og 3 i denne artikel finder dog ikke anvendelse, hvis samtlige følgende betingelser er opfyldt:
However, paragraphs 2 and 3 of this Article shall not apply where all the following conditions are met:
CCP'ens regler sikrer, at et clearingmedlem sætter grænser for sin kunde og regelmæssigt kontrollerer dem i henhold til delegeret forordning (EU) 2017/589.
the rules of the CCP ensure the setting and the maintenance on a regular basis of limits by a clearing member for its client pursuant to Delegated Regulation (EU) 2017/589;
Det fremgår af CCP'ens regler, at en transaktion i clearede derivater, der ligger inden for grænserne i henhold til litra a) i dette stykke, cleares automatisk af CCP'en inden for 60 sekunder fra modtagelsen af oplysningerne om transaktionen i clearede derivater fra modparterne.
the rules of the CCP provide that a cleared derivative transaction that is within the limits in accordance with point (a) of this paragraph is cleared automatically by the CCP within 60 seconds from receiving the information on the cleared derivative transaction from the counterparties.
Den CCP, der ikke accepterer en transaktion i clearede derivater, der indgås på bilateral basis, til clearing, skal underrette clearingmedlemmet om ikke-accepten i realtid.
The CCP that does not accept for clearing a cleared derivative transaction concluded on a bilateral basis shall inform the clearing member of the non-acceptance on a real time basis.
Clearingmedlemmet skal underrette den modpart, der indgik transaktionen, om ikke-accepten, så snart det er blevet underrettet af CCP'en.
The clearing member shall inform of the non-acceptance the counterparty that concluded the transaction as soon as it is informed by the CCP.
Behandling af transaktioner i clearede derivater, der ikke accepteres til clearing
Treatment of cleared derivative transactions not accepted for clearing
Hvis en transaktion i clearede derivater, der indgås elektronisk på en markedsplads, ikke accepteres af CCP'en, skal markedspladsen erklære en sådan kontrakt for ugyldig.
Where a cleared derivative transaction that is concluded on a trading venue electronically is not accepted by the CCP, the trading venue shall void such contract.
Hvis en transaktion i clearede derivater, der ikke indgås elektronisk på en markedsplads, ikke accepteres af CCP'en, behandles transaktionen efter:
Where a cleared derivative transaction, other than a cleared derivative transaction concluded on a trading venue electronically, is not accepted by the CCP, the treatment of the transaction shall be governed by:
markedspladsens regler, hvis kontrakten sendes til clearing i henhold til markedspladsens regler
the rules of the trading venue, where the contract is submitted for clearing in accordance with the rules of the trading venue;
aftalen mellem modparterne i alle andre situationer.
the agreement between the counterparties in all other situations.