Clifford Chance

EMIR: CCPs and Trade Repositories

10 August 2015

The market infrastructure to support EU derivatives reforms is quickly taking shape. A significant number of EU central counterparties (CCPs) have now been authorised under the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR) and the first regulatory technical standards introducing a clearing obligation for certain classes of interest rate OTC derivatives could be published in the Official Journal and come into force as early as November 2015. 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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