EU proposals leave energy firms cold
The perfect storm
When the European Market Infrastructure Regulation (Emir) draft proposals on reforming over-the-counter derivatives markets were published on September 15, they included the caveat that non-financial firms would be exempt from trade clearing requirements if their OTC derivatives positions were related to core commercial hedging activity and posed no systemic risk.
Similarly, the Emir stipulation that there be a central repository for reporting all post-trade data was served up by representatives
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