FIA, together with the Investment Association (IA) has submitted its response to ESMA's Consultation on Indirect Clearing Arrangements under EMIR and MiFIR.
The European regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (TRs) – European Markets Infrastructure Regulation (EMIR) - came into force on 16 August 2012. Designed to improve transparency and reduce the risks associated with derivatives markets, EMIR also establishes common organisational, conduct of business and prudential standards for CCPs and trade repositories. EMIR imposes requirements on all types and sizes of entities that enter into any form of derivative contract, including those not involved in financial services. It applies indirectly to non-EU firms trading with EU firms.
Jonathan Faull, Director-General for Financial Stability, Financial Services and Capital Markets Union at the European Commission, has replied to the ISDA-AIMA-FIA Europe-IA-MFA letter dated 22...