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In-depth Markets: Derivatives

Second consultation on margin requirements for non-centrally cleared derivatives

Published on June 30, 2015

The European Supervisory Authorities (EBA, ESMA and EIOPA) launched on 10 June 2015 a second consultation on draft Regulatory Technical Standards (RTS) on risk-mitigation techniques for OTC derivative contracts not cleared by a CCP. These RTS outline the framework of the European Market Infrastructure Regulation (EMIR), which establishes provisions aimed at increasing the safety and transparency of the over-the-counter (OTC) derivatives markets in the EU.

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Derivatives: kick-off for reporting to trade repositories (entry into force on 12 February 2014)

Published on February 18, 2014

On 12 February the new obligation to report all derivatives transactions to trade repositories comes into force, a requirement imposed on all derivatives users by the European Market Infrastructure Regulation (EMIR, Regulation (EU) No 648/2012). The obligation is designed to improve the transparency and regulatory oversight of derivatives contracts.

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EMIR : new obligations come into effect on 15 September 2013

Published on January 13, 2014

With the aim of mitigating risks related to non-centrally cleared over-the-counter derivatives, three new obligations have been added to the measures in force since 15 March.

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EMIR: ESMA launches a public consultation on central clearing obligations

Published on August 20, 2013

By the terms of European Regulation n°648/2012 on OTC derivatives (EMIR), ESMA must submit technical standards to the European Commission, defining the classes of OTC derivatives that will be eligible for clearing obligations. To this effect, the European authority published a Discussion Paper on 12 July 2013 to collect stakeholders’ opinions.

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Commodity market regulation

Published on July 3, 2013

The regulation of commodity markets, which are increasingly financialised, has become a concern in recent years. Derivatives, as well as financial institutions, play an increasingly important role. Certain major players that may present a systemic risk are not subject to any regulation. For certain segments, volatility has reached historic highs. Lack of transparency remains largely the rule, both on the physical and OTC derivatives markets. Several incidents of manipulations have shown the inadequacy in monitoring these markets. Europe is working on it.

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EMIR: a new framework for over-the-counter (OTC) derivatives

Published on March 29, 2012

The European Commission's proposal for a regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (TRs), published on 15 September 2010, was the subject of intense negotiations before political agreement was reached on 9 February 2012 and the text was finally adopted by the European Parliament on 29 March 2012.

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