ISDA's role in European regulatory reform
ISDA is an active participant in discussions with European legislators regarding the proposal for European Market Infrastructure Regulation (EMIR). ISDA supports a resilient and efficient market infrastructure that will serve to reduce risk via clearing, increased use of trade repositories and sound bilateral risk management processes. This means:
- Robustly regulated clearinghouses (CCPs) – given the level of risk concentrated in one or a small number of CCPs therein.
- Regulators should have comfort and clear criteria regarding the products that CCPs can and should clear.
- EU legislation should be internationally coherent and interact well with legislation from other jurisdictions – in line with the G20 commitment to “implement global standards consistently in a way that ensures a level playing field and avoids fragmentation of markets, protectionism, and regulatory arbitrage”.
- Bilateral risk management processes designed to provide certainty, security and efficiency for products that clearing houses cannot risk manage.
- Rules for trade repositories which ensure that regulators can make good use of them, avoid duplication of reporting (locally and internationally) and ensure the integrity of information reported.
Below find the latest comment letters, press releases and publications pertaining to EU regulatory developments.
ISDA®
