Emir clearing rules agreed, but calls grow for extension to Esma deadlines
After three months of final-stage discussions, the text of the European Market Infrastructure Regulation (Emir) was agreed yesterday by the European Parliament and the Council of the European Union.
The text creates a framework for clearing and reporting over-the-counter derivatives – radical reform that is mirrored in the US by elements of the Dodd-Frank Act. In a statement, Michel Barnier, the EU's commissioner for internal markets and services, said the new rules will end an era of "opacity
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