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20 December 2011

2012年初めまでに延期されたEMIR(欧州市場インフラ規則)の合意


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No agreement on EMIR was reached during Monday's trialogue meeting between the European Parliament, Council of Ministers and officials from the European Commission. The key outstanding issues are ESMA's powers and third country jurisdictions.


According to the FT, negotiations have been stuck on whether the EU can tie in recognition of non-EU clearing houses, or central counterparties (CCPs), in the region to ensure that third countries do the same.

The European Markets Infrastructure Regulation (EMIR) is unlikely to be finalised until after Denmark takes over the EU presidency from Poland in the new year.

However, the trialogue did produce agreement on one key issue: insistence that CCPs provide non-discriminatory access to them for exchanges and other trading platforms wanting to send them OTC derivatives for clearing. The provision in articles 8 and 8a of EMIR, would force greater competition in OTC clearing and pose a threat to operators of “vertical silo” integrated trading and clearing businesses, such as Deutsche Börse.

Full article (FT subscription required)



© Financial Times


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