Pirelli: Regulators have lost focus

Shares in Italy’s Pirelli have reached record highs this year despite its exposure to volatile currencies and regulations that are changing the way it uses derivatives. By Fiona Maxwell


On the face of it, the requirement to report derivatives trades to a data repository appears the least disruptive of the various reforms imposed on the over the-counter market. But if a company ends up stuck in a lengthy queue in the days following the deadline, there is only one course of action available – stop trading.

Shortly after the February 12 deadline for the European Market Infrastructure Regulation’s (Emir) reporting requirements, Risk found two corporates that had been caught out in

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