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Derivatives Clearing and Brexit: A comment on the proposed EMIR revisions

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  • Lannoo, Karel

Abstract

No less than three substantive pieces of EU legislation have been proposed over the eight-month period from November 2016 to June 2017, modifying or complementing the original EMIR Regulation of 2012. This contribution analyses the changes that have taken place in EU OTC derivatives markets since the new rules were adopted, and discusses the three drafts. It argues that the European Commission should have assessed risk management with CCPs in more detail and should have proposed a more integrated architecture for the supervision and resolution of CCPs. It further argues that the three proposals should have been part of one single package to facilitate the legislative process of such technical measures.

Suggested Citation

  • Lannoo, Karel, 2017. "Derivatives Clearing and Brexit: A comment on the proposed EMIR revisions," ECMI Papers 13150, Centre for European Policy Studies.
    • Handle: RePEc:eps:ecmiwp:13150
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    File URL: https://www.ceps.eu/publications/derivatives-clearing-and-brexit-comment-proposed-emir-revisions
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    References listed on IDEAS

    as
    1. Elliott, David, 2013. "Financial Stability Paper No 20: Central counterparty loss-allocation rules," Bank of England Financial Stability Papers 20, Bank of England.
    2. Robert Cox & Richard Heckinger & David A. Marshall, 2016. "Cleared Margin Setting at Selected Central Counterparties," Economic Perspectives, Federal Reserve Bank of Chicago, issue 4.
    3. Huertas, Thomas, 2016. "How to deal with the Resolution of Financial Market Infrastructures," CEPS Papers 11907, Centre for European Policy Studies.
    4. Russell Barker & Andrew Dickinson & Alex Lipton & Rajeev Virmani, 2016. "Systemic Risks in CCP Networks," Papers 1604.00254, arXiv.org.
    5. Radoslav Raykov, 2016. "To Share or Not to Share? Uncovered Losses in a Derivatives Clearinghouse," Staff Working Papers 16-4, Bank of Canada.
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    Cited by:

    1. Lannoo, Karel & Thomadakis, Apostolos, 2020. "Derivatives in Sustainable Finance," ECMI Papers 29791, Centre for European Policy Studies.

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