It is over three years now that the European Market Infrastructure Regulation (EMIR) was put in place on 4 July 2012 as Europe’s response to the commitment expressed by the G-20 leaders at the Pittsburgh summit in September 2009 that all standardised OTC derivatives contracts (i) should be traded on exchanges or electronic platforms, where appropriate; (ii) be cleared through central counterparties by end-2012 at the latest; (iii) be reported to trade repositories; and (iv) with non-centrally cleared contracts to be made subject to higher capital requirements. The level 1 text of EMIR provides for a review of the regulation by the European Commission by 17 august 2015. A market consultation on the review of EMIR was completed on 13 August 2015.

How time flies when you’re having fun... or waiting for clearing regulations to finally start. It seems Bruce Lee was right when he said, “If you spend too much time thinking about a thing, you’ll never get it done.”

Posted by Dan Ryan, PricewaterhouseCoopers LLP, on Saturday, November 21, 2015

Rocket 5 is now available as an on-line edition formatted for tablets and computer screens. This edition contains 80 pages of new content.

The 10th of July 2015 consultation deadline marked another milestone in the European margining rules implementation. The financial industry had got only one month to comment on the European Supervisory Authorities’ (ESAs) second draft¹ Regulatory Technical Standards (RTS) outlining the framework of the risk mitigation techniques for OTC derivative contracts not cleared by a CCP on the basis of Article 11(15) of Regulation (EU) No 648/2012 (EMIR).