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E.U. Financial Reform: DTCC Takes Its Place at the Table

The European Market Infrastructure Regulation (EMIR) has completed a three-way negotiation process known as trialogue, during which the European Parliament, Commission and Council reconciled their individual drafts to produce the final draft legislation.

Upon adoption in early 2012, EMIR will become the responsibility of the new pan-European regulatory authority known as the European Securities and Markets Authority (ESMA). ESMA will develop and implement the rules designed to support EMIR, and DTCC will remain engaged with the new European regulator throughout this process.