Derivatives, Central Counterparties and Trade Repositories

04-02-2011

This compilation of briefing papers deals with two crucial questions related to the European Commissions Proposal for a Regulation on OTC derivatives, central counterparties [CCPs] and trade repositories (also known as EMIR the European Market Infrastructure Regulation): 1. possible solutions to regulatory differences between the US Dodd Frank Act - i.e. the US legislation in this area - and the Commission's Proposal, in particular in ensuring equal conditions for market access for EU CCPs. and third country CCPs; 2. recommendations for criteria/reference points for the adoption of information and clearing thresholds for non-financial counterparties according to Article 7 of the Proposal, i.e. whether thresholds might be fixed according to the volume of general business and/or the balance sheet of the non-financial counterparty - taking into account the reference period and the period of validity.

This compilation of briefing papers deals with two crucial questions related to the European Commissions Proposal for a Regulation on OTC derivatives, central counterparties [CCPs] and trade repositories (also known as EMIR the European Market Infrastructure Regulation): 1. possible solutions to regulatory differences between the US Dodd Frank Act - i.e. the US legislation in this area - and the Commission's Proposal, in particular in ensuring equal conditions for market access for EU CCPs. and third country CCPs; 2. recommendations for criteria/reference points for the adoption of information and clearing thresholds for non-financial counterparties according to Article 7 of the Proposal, i.e. whether thresholds might be fixed according to the volume of general business and/or the balance sheet of the non-financial counterparty - taking into account the reference period and the period of validity.

Autor externo

Kern ALEXANDER (Faculty of Law, University of Zurich & The Centre for Financial Analysis and Policy, University of Cambridge) ; Peter O. MÜLBERT (Fachbereich Rechts- und Wirtschaftswissenschaften, Universität Mainz) ; Achim KASSOW (Member of the Board of Managing Directors Commerzbank AG) and István FARKAS (Economist, Independent Advisor, Budapest, Hungary)