--- title: "ESMA Q&A 2938 — Q&A — AAR representativeness obligation [Answer Published]" shortTitle: "ESMA Q&A 2938 — Q&A — AAR representativeness obligation [Answer Published]" answer_id: ESMA_QA_2938 topic: "EU-CCPs" status: "Answer Published" type: qa instrument_type: qa authority: ESMA binding: false binding_character: non_binding legal_status: in_force regulation: "EMIR" emir_level3: true mica_level2: false legal_basis: "EMIR" date: 8 October 2026 source_link: https://www.esma.europa.eu/publications-data/questions-answers/2938 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 8 October 2026" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/2938" check_status: matched verified: true last_checked: 2026-10-26 checked_against: "the ESMA publication" source: prepared_by: "ESMA" published_by: "ESMA" published_in: "ESMA Q&A tool" evidence: prepared_by: "ESMA Answer" locator: "ESMA Q&A entry ESMA_QA_2938: field 'ESMA Answer', no 'Answer provided by' line" document_type: "qa_answer" legal_nature: "not_legislation" addressees: "not stated in the document" dates: published_on: "2026-10-08" question_submitted_on: "2026-10-08" locators: published_on: "ESMA Q&A Excel export ESMA_QA_2938, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_2938, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer by ESMA, published in its Q&A tool · not legislation · published 8 Oct 2026 [Answer Published]** *Answer Published · ESMA Q&A register, 8 October 2026 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2938)* | | | |---|---| | **Full title** | ESMA Q&A 2938 — Q&A — AAR representativeness obligation \[Answer Published\] | | **Prepared by** | ESMA | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_2938 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 8 October 2026; question submitted 8 October 2026 | | **Legal basis** | EMIR | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **AAR representativeness obligation** ### Question For the purpose of the AAR representativeness obligation, how should the maturity of trades be calculated, and how should the instruments be assigned to the individual maturity buckets? *** ### Answer By default, the maturity of a trade should be computed as the difference between the expiration date and the effective date. In cases where the effective date is prior to the clearing date (e.g. clearing of legacy trades), the (residual) maturity is computed as the difference between the expiration date and the clearing date. Examples: An OTC derivative transaction has an effective date on T1 and an expiration date of T2. The maturity is calculated as the period between the period between the effective date and the expiration date: T2-T1. An OTC derivative transaction has an effective date on T1 and an expiration date of T3. The transaction is centrally cleared for the purposes of the AAR requirement on a later date T2, after the effective date and before the expiration date. The residual maturity is calculated as the period between clearing date and the expiration date: T3-T2. *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2938)