Derivatives, central counterparties and trade repositories

This compilation of briefing papers deals with two crucial questions related to the European Commissions Proposal for a Regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (also known as EMIR - the European Market Infrastructure Regulation): 1. possible solutions to regulatory differences between the US Dodd Frank Act i.e. the US legislation in this area and the Commission's Proposal, in particular in ensuring equal conditions for market access for EU CCPs and third country CCPs; 2. recommendations for criteria/reference points for the adoption of information and clearing thresholds for non-financial counterparties according to Article 7 of the Proposal, i.e. whether thresholds might be fixed according to the volume of general business and/or the balance sheet of the non-financial counterparty - taking into account the reference period and the period of validity.

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