In the months leading up to release of the European Market Infrastructure Regulation (EMIR), DTCC played an active role in informing key European policymakers about its views on protecting the marketplace and the impact EMIR’s provisions could have on its participants.
DTCC officials initiated a pro-active outreach program to key members of the Commission to discuss the role that over-the-counter (OTC) derivatives repositories play in increasing market transparency, as well as its positions on imposing ownership restrictions on central counterparties (CCPs) and the benefits of interoperability in the clearing space.
The Commission’s proposed EMIR text, which still has several stages to go through before enactment, takes into account a number of these key themes, in particular regarding the requirements for OTC derivatives trade repositories. “The proposed legislation takes significant steps towards ensuring that the European market increases its operational safety whilst further leveling the playing field to encourage competition and increased efficiency,” said Andrew Douglas, DTCC head of public affairs in Europe. “As EMIR enters the next phase of negotiation, we look forward to working with Parliament and the Council, and continuing our dialogue with the Commission, as these lawmakers move towards finalizing and adopting the legislation,” said Douglas.