Deconstructing Emir
The European Parliament is putting the finishing touches to its version of the European market infrastructure regulation, but a loophole in the rules could allow derivatives users to escape the clearing requirement, warns MEP Kay Swinburne. By Matt Cameron
On May 24, the Economics and Monetary Affairs committee of the European Parliament voted on revisions to the European market infrastructure regulation (Emir). One of the amendments, drafted by member of the European Parliament (MEP) Kay Swinburne – a proposal to delete the term ‘over-the-counter’ from the text – failed to make the cut. The amendment would have broadened the scope of Emir to all derivatives as opposed to just OTC trades, and its failure to win approval by the committee could open
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