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EMIR

European Market Infrastructure Regulation (EMIR)

As a result of the turbulences caused by the global financial crisis, regulators worldwide increasingly focus on derivatives markets. Given the enormous risks posed by the unregulated over-the-counter (OTC)-market, there is a growing recognition that greater transparency in exchange trading significantly contributes to the future stability of the international financial markets. This is where the European Market Infrastructure Regulation (EMIR) comes in.

Objective

At the 2009 G20 summit in Pittsburgh, the members' heads of state and government came to the agreement that, by the end of 2012, all standardised derivatives contracts will have to be cleared through central counterparties (CCPs). In addition, large parts of OTC trading will have to be settled on a collateralised basis and reported to central trade repositories. Within the European Union, this objective is implemented through  EMIR.

Time line

EMIR entered into force in 2012. The obligation to report all derivatives trades to a trade repository became applicable in late 2013. Most European CCPs were authorised as EMIR-compliant CCPs in the first half of 2014. The obligation to use a CCP to clear bilaterally agreed-upon trades has been phased in starting in July 2016.

EMIR: the highlighted parts of the value chain are affected

Regulatory Reporting Hub goes live with EMIR reporting

Deutsche Börse Group successfully launched the first reporting solution on its Regulatory Reporting Hub on 30 October. Learn more about the Hub, its current status and next steps.

FSB releases video about regulatory reforms

In advance of the G20 Leaders’ summit, the Financial Stability Board’s video explains how regulatory reforms have made the financial system safer, simpler and fairer.

European Commission publishes EMIR legislative proposal (batch 1)

Meeting

The European Commission proposes some targeted reforms to improve the functioning of the derivatives market in the EU. The reforms shall provide simpler and more proportionate rules for OTC derivatives to reduce costs and regulatory burdens for market participants without compromising financial stability.

European Commission publishes EMIR legislative proposal (batch 2)

Knowledge

Since the financial crisis, the legislative framework on derivatives has been enhanced. The increased importance of CCPs in the EU – and the planned exit of the UK’s financial centre from the single market – has made it imperative for the Commission to take a decision ensuring both financial stability and providing certainty for business.

ESMA consultation on transfer of data between TRs

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ESMA has just published a public consultation on the future guidelines on portability and transfer of data between trade repositories (TRs) under EMIR. The 27 guidelines cover the general conditions governing the transfer of data between TRs (the entities involved in the transfer, the migration plan, data format, data security and availability, fees, record-keeping and timeliness etc.) and further stipulates preferred options when the transfer is requested by a TR participant or when it is the result of a registration withdrawal. Deadline for comments: 31 March 2017.

ESMA reviews RTS on data by TRs under EMIR

ESMA published a consultation reviewing its regulatory technical standards (RTS). How often is information made available by trade repositories (TRs)? What details does it include and which operational standards are used to compare and aggregate this type of data across TRs under EMIR?

EMIR: RTS on uncleared OTC derivatives

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The EMIR RTS on risk mitigation requirements for uncleared OTC derivatives was
published in the EU Official Journal and is set to enter into force on 4th January 2017.

EurexOTC Clear: innovative and integrated solutions

Eurex

EurexOTC Clear truly meets the market needs for the clearing of OTC transactions, by reducing counterparty risk, margin and collateral requirements and at the same time providing client asset segregation and legal certainty.

Eurex Clearing: client asset protection

Eurex

As required by the European Market Infrastructure Regulation (EMIR), clients of Clearing Members will have the choice as to how their positions and margin collateral (cash and securities) is held and posted by their Clearing Member at Eurex Clearing, depending on each individual client's needs.

Eurex Clearing: client segregation requirements

We support our customers in complying with existing client segregation requirements within EMIR (Omnibus/ISA). Our clearing models can further support tri-party segregation, which improves the functionality of the service, and direct delivery of collateral – allowing ISA-segregated clients to minimise transit risk.

Eurex Clearing: TREMIR reporting service

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TREMIR provides reporting records pursuant to legal requirements directly based on data from the trading and clearing source.

ISA Direct: the direct clearing membership for the buy side

Trading infrastructure

Our ISA Direct model combines elements of a direct clearing membership and the traditional service relationship in client clearing - tailored specifically to the buy side.  It opens up a new principal client relationship between buy side clients and the CCP, with the regular Clearing Member acting as a Clearing Agent, providing a variety of mandatory and optional service functions.

REGIS-TR: EMIR reporting

Frankfurt/Main

As a trade repository for derivatives, both OTC and listed, REGIS-TR provides full compliance with the reporting obligation set out in Article 9 of EMIR.

Market Data+Services: EMIR transaction reporting service

We provide various reporting services to meet your reporting requirements for derivatives under Article 9 of EMIR. Available services include single data feeds and a comprehensive platform solution covering the complete lifecycle of EMIR trade reporting. Configuration options can be customised to suit  your needs.

Clearstream: meeting your EMIR requirements

Staff Clearstream

Clearstream offers dedicated services which help customers manage their cleared and uncleared OTC derivatives trades in an efficient and secure manner in line with EMIR.

Clearstream: manage collateral efficiently

Clearstream

As EMIR and Dodd-Frank are imposing the use of CCPs for cleared derivatives and the segregation of collateral for non-cleared derivatives, the industry is naturally turning to those with the capacity to manage collateral efficiently.

Legal basis

Find the most recent legal text on this regulation here.

Further information