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European Market Infrastructure Regulation: Difference between revisions
European Market Infrastructure Regulation (view source)
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{{a|emir|}} | {{a|emir|}}{{emir}}, better known as “'''{{tag|EMIR}}'''” is the result of a final proposal published by the [[European Commission]] on 15 September 2010, to increase stability within OTC derivative markets. | ||
{{emir}}, better known as “'''{{tag|EMIR}}'''” is the result of a final proposal published by the [[European Commission]] on 15 September 2010, to increase stability within OTC derivative markets. | |||
===What {{t|EMIR}} does=== | ===What {{t|EMIR}} does=== | ||
The Regulation introduces: | The Regulation introduces: | ||
*Reporting: a reporting obligation for [[OTC derivatives]]; | *Reporting: a reporting obligation for [[OTC derivatives]]; | ||
*'''[[Mandatory Clearing]]''': a [[clearing]] obligation for eligible [[OTC derivative]]s; | *'''[[Mandatory Clearing]]''': a [[clearing]] obligation for eligible [[OTC derivative]]s; | ||
*'''{{emirprov|Uncleared derivatives margin}}''': measures to reduce counterparty [[credit risk]] and operational risk for bilaterally cleared OTC derivatives; | *'''{{emirprov|Uncleared derivatives margin}}''': measures to reduce counterparty [[credit risk]] and operational risk for bilaterally cleared OTC derivatives; | ||
*'''{{tag|CCP}} rules''': common rules for central counterparties (CCPs) and for trade repositories; and | *'''{{tag|CCP}} rules''': common rules for central counterparties (CCPs) and for trade repositories; and | ||
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===[[EMIR refit]]=== | ===[[EMIR refit]]=== | ||
At some stage the [[European Commission]] was persuaded it might have over-reached on certain aspects, and accordingly rowed back in the so-called [[EMIR refit]]. This created yet more work for the contractor-minions of old London town. | At some stage the [[European Commission]] was persuaded it might have over-reached on certain aspects, and accordingly rowed back in the so-called [[EMIR refit]]. This created yet more work for the contractor-minions of old London town. | ||
Hedging Exemption3. In calculating the positions referred to in paragraph 1, the non-financial counterparty shall include all the OTC derivative contracts entered into by the non-financial counterparty or by other non-financial entities within the group to which the non-financial counterparty belongs, which are not objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of the non-financial counterparty or of that group. | |||
{{emir hedging exemption}} | |||
{{sa}} | {{sa}} | ||
__NOEDITSECTION__ | |||
*[[EMIR refit]] | *[[EMIR refit]] | ||
*[[Clearing thresholds - EMIR]] | *[[Clearing thresholds - EMIR]] | ||
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*[[Financial counterparty]] | *[[Financial counterparty]] | ||
*[[Non-financial counterparty]] | *[[Non-financial counterparty]] | ||
{{ref}} | |||