Emir review could push securitisations into the dark

Subjecting deals to margin requirements would be a further blow to STS securitisation concept

Market participants are usually vocal when it comes to describing their reaction to a new regulatory proposal. But one source who spoke to Risk.net was literally lost for words following the European Commission’s (EC) publication of the review of the European Market Infrastructure Regulation (Emir), which included a requirement for securitisation special-purpose vehicles (SSPVs) to post margin on over-the-counter derivatives.

The amendment took the market completely by surprise and could have