European Market Infrastructure Regulation
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.
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.
- 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
- Swap Execution Facility
- Trade Repository
- European Securities and Markets Authority
- European Systemic Risk Board
- Markets in Financial Instruments Directive
- "European Market Infrastructure Regulation (EMIR)". European Securities and Markets Authority. Retrieved 15 August 2013.
- "About EMIR". Financial Services Authority. Retrieved 20 February 2012.
- European Commission – Financial Markets Infrastructure
- European Commission – Financial Markets Infrastructure – Derivatives
- ESMA consultation paper – Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories
- Challenges of EMIR Delegated Reporting for Derivatives Trades at RiskFocus.com
- TradeTech Blog – EMIR: What is it? No, really. What is it?!