UK government backs expansion of Emir

Treasury minister Mark Hoban says listed markets should not be exempt from Emir's access and competition rules


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

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