EFAMA, EBF, AIMA, FIA and ISDA (the ‘Associations’) welcome the co-legislators' political agreement on EMIR 3.0, which was endorsed by the Council and European Parliament on 14 February and 4 March 2024, respectively.
European Market Infrastructures regulation (EMIR)
In 2012, following the 2008 financial crisis, the EU adopted the European Market Infrastructures regulation (EMIR) with the laudable objectives of increasing transparency in the OTC derivatives markets, to reduce the counterparty risk of derivatives contracts and to reduce operational risks associated with derivatives trading.
EFAMA welcomes the improvements recently brought by the EMIR Refit: It redefines the obligations imposed on derivatives users, recognising and solving some issues previously existing in EMIR, such as the disproportionate regulatory burden imposed on the least risky counterparties. We also advocate for a better alignment between EMIR and MiFIR, especially with regards to the clearing and trading obligations.
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07 September 2023
Active Accounts - Joint Trade Association Statement
EFAMA, BFPI Ireland, EACB, FIA EPTA, Federation of the Dutch Pension Funds,
Finance Denmark, Nordic Securities Association, AIMA, ICI Global, FIA and ISDA support positive
incentives to further enhance the attractiveness of EU clearing and EU Capital Markets, including
many of the measures proposed in EMIR 3.0. (read more)
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19 June 2023
EMIR 3.0: Detailed views on active accounts
EFAMA offers a detailed view on the active accounts proposal in this paper. Costs to the end investor are broken down into two main buckets i) operational build-out and ii) in nominal terms the much larger impact of loss of netting efficiencies. Potential impacts on financial stability are also examined, with a focus on the widening basis which will result from large volumes of one-directional flows onto an EU-CCP. The impact on margins and procyclicality are also studied. The analysis points to increased liquidity risk for
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UK clearing house equivalence - request from nine trade associations
Nine associations (AFME, AIMA, EAPB, EBF, EFAMA, FIA, ICI, ISDA, SIFMA AMG) welcome the Commission's decision to grant a time-limited equivalence decision in respect of UK CCPs. However, when this time-limited equivalence decision expires on 30 June 2022, there remains a significant risk of disruption to clearing for EU firms and to their access to global markets.
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Deputy Director, Capital Markets and Digital
