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Derivatives
In response to the 2008 crisis and the G20 commitment to better regulate the use of derivative instruments, the European Commission proposed a Regulation on OTC derivatives, central counterparties and trade repositories, better known as EMIR (European Market Infrastructure Regulation). EMIR has been adopted on 9 February 2012 and the European Securities Market Authorities (ESMA) is working on implementing measures, which must be finalised by 30 September 2012. The major goals of this Regulation are two-fold: (i) mitigating aspects of market and counterparty risks by extending the role of CCPs; and (ii) improving transparency and regulatory supervision of OTC derivatives.