Post-trading/Clearing and Reporting (EMIR)

European Markets Infrastructure Regulation (EMIR)

EMIR came into force on 16 August 2012 and introduced requirements aimed at improving the transparency of OTC derivatives markets and to reduce the risks associated with those markets.

In order to achieve this, EMIR requires that OTC derivatives meeting certain requirements are subject to the clearing obligation and for all OTC derivatives that are not centrally cleared that risk mitigation techniques apply. In addition, all derivatives transactions need to be reported to TRs. Finally, EMIR establishes organisational conduct of business and prudential standards for both trade repositories (TRs) and central counterparties (CCPs).

Key EMIR provisions

  • Reporting obligation for derivatives contracts
  • Requirements for trade repositories (TRs)
  • Clearing obligation for OTC derivatives and risk mitigation techniques for non-cleared OTC derivatives including non-financial counterparties (NFC) obligations
  • Requirements for clearing houses/central counterparties (CCPs)

ESMA measures implementing EMIR

EMIR required ESMA to draft Regulatory and Implementing Technical Standards (RTS and ITS) to further detail and implement the provisions of EMIR.

These standards cover:

The provisions of EMIR together with deadlines included within the different technical standards imply a phased-in implementation of the legal framework.

EMIR timeline

Last update 7 January 2015
General
23/02/13
Publication of the delegated regulations in the Official Journal
15/03/13 A. Entry into force of the delegated regulations
Central counterparty clearing houses (CCPs)
15/09/13
Previously existing EU CCPs authorisation application deadline [A+6 months]
18/03/14 B. First EU CCP authorised
18/03/14   First notification for the clearing obligation under Art. 5 [immediately after B]
01/10/14   Submission to the Commission of draft RTS on the clearing obligation for IRS
Trade repositories (TRs)
07/11/13 C. Adoption of the registration decision of the first trade repositories
12/02/14   Reporting start date for all asset classes [C+5 working days + 90 calendar days]

 

About Post-trading

ESMA’s main roles in the post-trading area are implementing regulations on the EU’s markets infrastructure (EMIR) and central securities depositories (CSDR), co-ordinating issues such as settlement discipline and Target2-Securities (T2S), and providing information on the Settlement Finality Directive (SFD).

 

Library

Questions and Answers

13/08/2015 | ESMA recommends changes to EMIR framework

The European Securities and Markets Authority (ESMA) has published four reports focused on how...See more

29/07/2015 | ESMA updates list of authorised CCP and Public Register – BME Clearing extends services

The European Securities and Markets Authority (ESMA) has published today an update of its...See more

17/07/2015 | ESMA publishes responses received to CP on clearing obligation

The responses can be viewed on the...See more

13/07/2015 | ESMA updates list of authorised CCP and Public Register – Eurex Clearing AG extends services

The European Securities and Markets Authority (ESMA) has published today an update of its...See more

Contacts

For general queries on EMIR please contact: emir-questions@esma.europa.eu

For queries on TR registration please contact: TR-Registration@esma.europa.eu

For queries on EU CCPs authorisation please contact: EU-CCP@esma.europa.eu

For queries on TC-CCPs (non-EU CCPs) recognition please contact: TC-CCP@esma.europa.eu

For queries on CSDR please contact: CSDR.Questions@esma.europa.eu 

 

Post-trading committees

Standing Committee

Consultative Working Group

 

Acronyms

List of acronyms on Post-Trading