The European markets infrastructure regulation (EMIR) has failed to introduce price-based competition between derivatives clearing houses. But all is not lost. MiFID II may offer a second chance, finds Dan Barnes.
The victory that George Osborne
claimed for the UK in negotiating details of the European
markets infrastructure regulation (EMIR) on 4 October, was a
EMIR contains the proposed
legislative guidelines for central clearing and risk mitigation
for OTC derivatives, the framework for central counterparty
(CCP) operation and rules on post-trade interoperability,
reporting obligations and the requirements for trade
It was conceived to
support the objectives that the G20 countries set out in 2009
at their Pittsburgh summit; "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
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