All counterparties to a derivatives contract other than financial counterparties, trade repositories, central counterparties. Examples include manufacturers and airline/shipping companies. NFCs who trade above clearing thresholds set by European Securities and Markets Authority (ESMA) are referred to in the market as 'NFC+' entities. NFC+ is subject to the clearing obligation of the European Market Infrastructure Regulation (EMIR) and must clear all of its derivatives transactions through a central counterparty clearing house, even if it only passes the threshold for one class. Non-financial counterparties to which the clearing obligation does not apply are NFC- entities.