UK government backs expansion of Emir


Mark Hoban, the financial secretary to the UK Treasury, has backed proposals to expand the planned European Markets Infrastructure Regulation (Emir) to cover exchange-traded as well as over-the-counter derivative trades.

Speaking at a Markit conference in London yesterday, Hoban said: "There are two alternatives for Emir – one, to cover all trades, or two, to cover only those trades that are executed outside an exchange. The arguments favour number one. The purpose of clearing is to reduce syste