Reform of the Derivative Markets in the European Union

March 24, 2014

The phased-in implementation of the European Market Infrastructure Regulation (EMIR), the European Union’s wide-ranging reform of its derivative markets, is due to continue throughout 2014. Risk mitigation rules were implemented first, followed most recently by the reporting obligation. At some point in the next 12 months, market participants must contend with EMIR’s clearing obligation. This article sets out the central provisions of EMIR as they affect buy-side clients, and describes the various approaches in the market to ensure compliance with the rules.

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