The European Market Infrastructure Regulation (EMIR)

Objectives

On completion of this tutorial, you will be able to:

• Identify the purpose, key provisions, and scope of EMIR

• Define the clearing obligation and list key exemptions

• Define the reporting obligation and recognize the role of trade repositories

• List and define the key risk mitigation provisions of EMIR, including portfolio reconciliation and collateral exchange

Tutorial Overview

The European Market Infrastructure Regulation (EMIR) is a binding European law that imposes a regulatory framework on the over-the-counter (OTC) derivatives market, trade repositories, and central clearing counterparties (CCPs). EMIR contains provisions that mandate central clearing for certain OTC contracts and counterparties and that require detailed reporting of transactions. The goal of the legislation is to reduce systemic risk in OTC derivatives markets. EMIR has been amended, updated, and modified by a number of supplementary rules, including the EMIR Refit. This tutorial provides an overview of EMIR and the changes introduced by the EMIR Refit.

Prerequisite Knowledge

None

Tutorial Level

Intermediate

Tutorial Duration

75 minutes