Consultation on Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories

Consultation on Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories

from 16 February 2012 to 19 March 2012


The Regulation of the European Parliament and Council on OTC Derivatives, CCPs and trade repositories (EMIR) introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs).  It has been identified that common rules are required in the case of CCPs in view of the shift of risk management from a bilateral to a central process for OTC derivatives and in the case of trade repositories because of the increase in information that needs to be reported to them. The Regulation delegates or confers powers to the Commission to adopt regulatory technical standards (RTS) and implementing technical standards (ITS) on a number of areas. This discussion paper covers the draft RTS and ITS which ESMA is required to develop.
ESMA is organising a public hearing on 6 March to give an opportunity to interested stakeholders to discuss the relevant sections of the discussion paper. Please sign up online.
Following this discussion paper and on the basis of the relevant input received, ESMA will prepare draft technical standards to be included in the consultation paper which will most likely be published around summer 2012.
EBA, EIOPA and ESMA are also expected to issue in the coming weeks a joint discussion paper on regulatory technical standards they are required to jointly draft. This joint discussion paper will cover risk mitigation techniques for OTC derivatives that are not cleared by a CCP, notably on capital requirements and exchange of collateral to cover the exposures arising from those transactions and on operational processes for the exchange of collateral, minimum transfer amount and intra-group exemptions.
EBA is also expected to issue in the coming weeks a discussion paper on draft regulatory technical standards on capital requirements for CCPs.

Document available for this Consultation
16/02/20122012/95Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories


Activity Institution Download
European Central Counterparty Limited
AFTE - French Association of Corporate Treasurers
EACH - European Association of CCP Clearing Houses
European Association of Corporate Treasurers
BATS Chi-X Europe
ICAP plc
ovovis GmbH
Union of the Electricity Industry - EURELECTRIC
CNMV Advisory Committe
Managed Funds Association
Federation of Finnish Financial Services
Nordic Association of Electricity Trades (NAET)
Asset Management BlackRock
Asset Management AMUNDI
Asset Management Investment Management Association
Asset Management AFG
Asset Management BNY Mellon
Asset Management BVI
Asset Management Assogestioni
Asset Management AIMA
Asset Management natiixis asset management
nam.pdf (81.74 KB)
Banking Belfius Bank (formerly Dexia Bank Belgium)
Banking Deutsche Bank
Banking BBVA
Banking The Royal Bank of Scotland
Banking ABBL _luxembourg Bankers' Association
Banking Fédération Bancaire Française (FBF)
Banking UniCredit
Banking European Association Of Public Banks, EAPB
Banking European Association of Co-operative Banks (EACB)
Banking European Savings Banks Group
Banking German Banking Industry Committee
Banking ABN AMRO Clearing Bank N.V.
Banking ABI
Banking UBS AG
Government, Regulatory and Enforcement Swiss Financial Market Supervisory Authority FINMA
Insurance and Pension German Insurance Association (GDV)
Investment Services ASSOSIM
sped22-03-12_0.pdf (91.02 KB)
Investment Services State Street Corporation
Investment Services The Futures and Options Association (FOA)
Investment Services Goldman Sachs International
Investment Services Natixis Asset Management Finance
namfi.pdf (71.94 KB)
Investment Services DACSI
Investment Services ISDA-AFME-BBA
Invididuals Chris Barnard
Issuers Deutsches Aktieninstitut e.V.
Issuers Franz Haniel & Cie. GmbH
Issuers EMF - European Covered Bond Council
Issuers SANOFI
Issuers The Association of Corporate Treasurers
Issuers BDEW
Issuers Siemens AG
Legal and Accountancy Amunet Partners LLP
Legal and Accountancy Institut der Wirtschaftspruefer in Deutschland e.V. (IDW)
Press Argus Media Ltd
Others Vattenfall
Others European Property Federation
Others CEDEC
Others Holland Clearing House N.V.
Others European Federation of Energy Traders
Others London Market Systems
Others CEZ
Others Eurex Clearing AG
Others RWE Supply&Trading GmbH
Others Swedish Securities Dealers Association
Others World Gold Council
Others Verband kommunaler Unternehmen - Association of Local Utilities
Others ICE Clear Europe
Others Oesterreichs Energie, Association of Austrian Electricity Companies, Brahmsplatz 3, 1040 Vienna
Others Rolls-Royce plc
Others KDPW_CCP S.A.
Others EMCF NV
Others ICMA European Repo Council
Others Bank and Insurance Department of the Federal Economic Chamber
Others NOS Clearing ASA
Others KfW
Others OMIClear
Others E.ON AG
Others Oslo Clearing ASA
Others SWIFT s.c.
esma201295_0.pdf (77.33 KB)
Others LCH.Clearnet Group
Others GFMA Global Foreign Exchange Division
Others Daimler AG
Others Cargill, Inc.
Insurance, pension & asset management Federation of the Dutch Pension Funds
Insurance, pension & asset management EFAMA
Insurance, pension & asset management Association of British Insurers
Insurance, pension & asset management Insight Investment
Insurance, pension & asset management Insight Investment
Regulated markets, exchanges & trading systems BME Spanish Exchanges
Regulated markets, exchanges & trading systems CapitalTrack Ltd.
Regulated markets, exchanges & trading systems CME Group
Regulated markets, exchanges & trading systems Stadtwerke München GmbH
Regulated markets, exchanges & trading systems London Stock Exchange Group
Regulated markets, exchanges & trading systems Stadtwerke München GmbH
Regulated markets, exchanges & trading systems Tradeweb Europe Limited