Derivatives Clearing and Brexit: A comment on the proposed EMIR revisions. ECMI Policy Brief No. 25 / November 2017

Lannoo, Karel. (2017) Derivatives Clearing and Brexit: A comment on the proposed EMIR revisions. ECMI Policy Brief No. 25 / November 2017. [Policy Paper]

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Abstract

No less than three substantive pieces of EU legislation have been proposed over the eightmonth period from November 2016 to June 2017, modifying or complementing the original EMIR Regulation of 2012. This contribution analyses the changes that have taken place in EU OTC derivatives markets since the new rules were adopted, and discusses the three drafts. It argues that the European Commission should have assessed risk management with CCPs in more detail and should have proposed a more integrated architecture for the supervision and resolution of CCPs. It further argues that the three proposals should have been part of one single package to facilitate the legislative process of such technical measures.

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