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.
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.