European legislators squabble over Emir

The derivatives catch-all

It has been said that the little things are infinitely the most important. To those who subscribe to the maxim, it will come as no surprise that the deletion of a single term – over-the-counter – from the Council of the European Union’s 111-page European Market Infrastructure Regulation (Emir) draft could turn the European derivatives market upside down.

Deutsche Börse has most to lose – the change would pull apart the vertical silo model of its Eurex derivatives execution and clearing business