Ten things you need to know about EMIR

By Sam Robinson

We have been talking about the European Market Infrastructure Regulation (EMIR) for years. With certain parts of EMIR now in force and others planned for later this year, here are 10 key questions to help you understand if, and how, you will be affected by EMIR.

1. Should I care about EMIR? Generally, if you are based in the European Economic Area and trade in derivatives, whether on exchange or ‘over the counter’ (OTC), you will be affected by EMIR. The exact impact of EMIR will depend on the type of firm, as well as the level and type of derivative exposure of the particular firm.

2. What are the requirements under EMIR? In summary, EMIR brings in new requirements relating to: authorisation and supervision of central counterparties (CCPs) and trade repositories (TRs); reporting trade details of all derivative trades (not just OTC) to TRs; clearing ‘eligible’ OTC derivatives through a CCP; and when OTC derivatives are not centrally cleared, firms will need to implement alternative risk mitigation techniques…

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