Banks baffled by looming Emir rules on non-EU trades

Scope of Emir includes non-EU trades guaranteed by an EU bank, but thresholds apply – and a comment letter obtained by Risk reveals the industry does not know how to interpret those thresholds

Esma headquarters

Dealers are seeking urgent clarification from regulators about the European Market Infrastructure Regulation's (Emir) treatment of guaranteed entities in third countries ahead of an October 10 deadline. Under one reading of rules published in February, subsidiaries of European banks would be subject to EU clearing and margining rules – meaning their local customers would have to comply as well.

A letter written by two industry associations – and seen by Risk – describes the regime as

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