The EMIR Implementation Jigsaw: Progress assessment

A general feeling of scepticism regarding the chances for the EU financial industry to be ready for the next key deadlines of EMIR implementation is tangible across market players who also identified in the regulatory uncertainty the main cause for this lack of preparation.

This ECMI round table gathered together the European Commission and diverse representatives of the financial industry (PGGM, DTCC, CELENT and Tradeweb) to discuss the progress in the implementation of EMIR from the point of view of the adoption of technical standards and to analyse the way in which the industry is preparing to adapt its business strategies to meet this challenge. Despite being in force since August 2012 EMIR cornerstone obligations (reporting and clearing) are still not enforced and uncertainty surround the precise date from which they will eventually become binding; more uncertainty is then created by the authorization of CCPs and TRs, process upon which the shape of new post-trade market environment is likely to be highly dependent.