The Council of the European Union has offered a compromise position to the European Parliament’s proposal made on Monday, to increase the role of the European Securities and Markets Authority (ESMA), the pan-European regulator.
Negotiations around the European markets infrastructure regulation (EMIR) took a step forward today as the Council adjusted its position in negotiations over the rules, which are intended to increasing transparency across all derivatives and reduce risk in the over-the-counter (OTC) derivatives market.EMIR is Europe’s legislation aimed at delivering on a commitment by the Group of 20 (G20) countries to enforce central clearing for OTC...