The European Securities and Markets Authority (ESMA) has launched a consultation on its technical standards under the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR)1, which is aimed at improving the functioning of OTC derivatives markets in the European Union (EU). EMIR aims to achieve this by reducing risks via the use of central clearing and risk mitigation techniques, increasing transparency via trade repositories (TR) and ensuring sound and resilient central counterparties (CCPs).
The implementation of EMIR is a key element in the EU’s programme to meet the G20 commitments of strengthening the global financial regulatory system and ensuring sounder and more resilient markets.
