“The publication of ESMA’s standards on EMIR sees the EU taking its final steps towards meeting the G20 commitment on bringing OTC derivatives trading under supervision, and provides clarity to the market on the shape of the new regime.” – Steven Maijoor, ESMA Chair

The European Market Infrastructure Regulation (“EMIR”), which came into force on 16 August 2012, created a new framework with the aim of introducing greater transparency and risk management mechanisms to the over the counter (“OTC”) derivatives market in Europe.