European Market Infrastructure Regulation

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"EMIR" redirects here. For the title, see Emir.

European Market Infrastructure Regulation (EMIR) is a European Union regulation designed to increase the stability of the over-the-counter (OTC) derivative markets throughout the EU states. It is designated Regulation (EU) 648/2012, and it entered into force on 16 August 2012.[1]


G­20 leaders made a commitment in Pittsburgh in September 2009 that:

All standardised OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the latest. OTC derivative contracts should be reported to trade repositories. Non-centrally cleared contracts should be subject to higher capital requirements. We ask the Financial Stability Board and its relevant members to assess regularly implementation and whether it is sufficient to improve transparency in the derivatives markets, mitigate systemic risk, and protect against market abuse.[2]

EMIR introduces:

  • Reporting obligation for OTC derivatives
  • Clearing obligation for eligible OTC derivatives
  • Measures to reduce counterparty credit risk and operational risk for bilaterally cleared OTC derivatives
  • Common rules for central counterparties (CCPs) and for trade repositories
  • Rules on the establishment of interoperability between CCPs

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