Derivatives

Following the financial crisis, new regimes were introduced across the globe to regulate over the counter (OTC) derivatives markets. In the EU and UK, the European Market Infrastructure Regulation (EMIR) imposes clearing, reporting, credit risk mitigation, and other requirements to improve transparency, regulatory oversight, and resilience of European and UK OTC derivatives markets.

A key concern for market participants is the extraterritorial reach of these regimes, in particular the interaction between EMIR and Dodd-Frank in the US, as well as regulatory divergence between the UK and the EU post-Brexit.