--Olivia Thetgyi

The latest proposed text of the European Market Infrastructure Regulation from the European Council’s presidency limits clearing obligations to over-the-counter derivatives, running counter to moves by the European Commission and the European Parliament to encompass all derivatives.

The most recent version of the text, published Friday, inserts “OTC” in brackets before references to clearing obligations. Reporting requirements, however, would still apply to all derivatives.

The European Commission’s original draft of EMIR also focused solely on OTC derivatives. More recently, however, Patrick Pearson, head of financial markets infrastructure at the Commission, lobbied for broader application of the clearing requirement (DW, 3/1). Amendments to the version of the rules in the European Parliament would also require....


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