European Markets Infrastructure Regulation (EMIR)
EMIRcame into force on 16 August 2012 and introduced requirements aimed at improving the transparency of Over-The-Counter (OTC) derivatives markets and to reduce the risks associated with those markets.
In order to achieve this, EMIR requires that OTC derivatives meeting certain requirements are subject to the clearing obligation and for all OTC derivatives that are not centrally cleared that risk mitigation techniques apply. In addition, all derivatives transactions need to be reported to trade repositories (TRs). Finally, EMIR establishes organisational conduct of business and prudential standards for both trade repositories (TRs) and central counterparties (CCPs).
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