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Clifford Chance

Clifford Chance

Briefings

EMIR: CCPs and Trade Repositories

4 March 2015

The market infrastructure to support EU derivatives reforms is quickly taking shape. This year has seen the first authorisations of EU central counterparties (CCPs), triggering the first clearing obligation procedure under the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR). The EMIR reporting regime, in force since 12 February 2014, is supported by a number of EU trade repositories (TRs) which are registered with, and directly supervised by, the European Securities and Markets Authority (ESMA). Progress has, however, been slower for non-EU CCPs and TRs. Clifford Chance has prepared a briefing setting out the current status of CCPs and TRs in the EU, with a look forward to what can be expected next.

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