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In-depth Markets: Derivatives

The AMF’s Scientific Advisory Board addresses the issue of central clearing

Published on July 21, 2017

On April 21st, the Scientific Advisory Board of the Autorité des Marchés Financiers discussed the issue of central clearing counterparties (CCPs) through two distinct academic presentations. Guillaume Vuillemey (winner of the 2016 AMF Young Researcher Award) documented and analyzed one of the scarce examples of CCP failure, while Stéphane Crépey (member of the Scientific Advisory Board) investigated the cost structure of central clearing.

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AMF priorities in the EMIR review

Published on May 2, 2017

While in November 2016 the European Commission undertook a review of EMIR on derivative products traded over-the-counter, the AMF is publishing two position papers on its priorities under the EMIR review and on the conditions under which post-market infrastructures based outside the European Union can benefit from the equivalence regime.

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EMIR: entry into force of collateral requirements for non-centrally cleared derivatives on 4 February 2017

Published on January 9, 2017

To mitigate the impact of a default by a market participant, the European Market Infrastructure Regulation (EMIR) requires that trading in derivatives be subject to central clearing or a bilateral exchange of collateral. Following the central clearing obligation, the margin exchange obligation is now taking effect.

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21 June 2016: start date for the Central Clearing obligation

Published on May 26, 2016

The obligation to centrally clear certain contracts, which is the key obligation under this regulation, will be implemented gradually starting on 21 June 2016. Central clearing has to be carried out in a clearing house authorised under the EMIR framework. Focus on the first derivatives covered and the timeline for the various players.

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Derivatives: central clearing obligation to take effect 21 June 2016

Published on December 4, 2015

Starting 21 June 2016, the central clearing obligation will apply to the first category of over-the-counter derivative contracts and market participants. As a result, one of the most important components of the EMIR regulation, intended to make derivatives trading more secure, will be a reality.

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EMIR Review - Derivatives: AMF proposes changes to EMIR

Published on November 16, 2015

The Autorité des Marchés Financiers (AMF) responded to the European Commission's consultation on the review of the European regulation on OTC derivatives, central counterparties (CCPs) and trade repositories, also known as the European Market Infrastructure Regulation (EMIR).

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European Market and Infrastructure Regulation (EMIR): the European Commission has adopted draft legislation introducing a clearing obligation for certain interest rate derivatives

Published on August 25, 2015

In order to implement the central clearing obligation for over-the-counter (OTC) derivatives, designed to make transactions more secure and provided for in the EMIR regulation, the European Commission has adopted initial enforcement measures. These relate to certain interest rate derivatives and specify the time frame.

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Second consultation on margin requirements for non-centrally cleared derivatives

Published on June 30, 2015

The European Supervisory Authorities (EBA, ESMA and EIOPA) launched on 10 June 2015 a second consultation on draft Regulatory Technical Standards (RTS) on risk-mitigation techniques for OTC derivative contracts not cleared by a CCP. These RTS outline the framework of the European Market Infrastructure Regulation (EMIR), which establishes provisions aimed at increasing the safety and transparency of the over-the-counter (OTC) derivatives markets in the EU.

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Derivatives: kick-off for reporting to trade repositories (entry into force on 12 February 2014)

Published on February 18, 2014

On 12 February the new obligation to report all derivatives transactions to trade repositories comes into force, a requirement imposed on all derivatives users by the European Market Infrastructure Regulation (EMIR, Regulation (EU) No 648/2012). The obligation is designed to improve the transparency and regulatory oversight of derivatives contracts.

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EMIR : new obligations come into effect on 15 September 2013

Published on January 13, 2014

With the aim of mitigating risks related to non-centrally cleared over-the-counter derivatives, three new obligations have been added to the measures in force since 15 March.

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Legal information
Head of publications: Florence Gaubert, Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02