The European Market Infrastructure Regulation ("EMIR") entered into force on 16 August 2012, with the aim of increasing the stability of over-the-counter derivatives markets within the European Union.

EMIR introduced:
  • a reporting obligation for OTC derivatives;

  • a central clearing obligation for OTC derivatives eligible for clearing;

  • measures to mitigate counterparty credit risk and operational risk for non-cleared OTC derivatives;

  • common rules for central counterparties (CCPs) and trade repositories (TRs); and

  • rules on establishing interoperability between CCPs.


Exemptions from the margin exchange obligation for intragroup transactions: