Metals traders shun clearing due to Emir, says LME chief
Emir segregated accounts pushing firms to trade OTC, says Jones
The European Market Infrastructure Regulation (Emir) is having the unintended consequence of deterring base metals market participants from clearing their trades, says Garry Jones, chief executive of the London Metal Exchange (LME) and co-head of global markets at Hong Kong Exchanges and Clearing.
Emir, which entered into force in August 2012, introduces reporting requirements for exchange-traded and over-the-counter derivatives, as well as mandatory clearing for many OTC trades. But in an
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