Interconnectivities and regulatory impact [57]

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Bullet points include: Introduces EU mandatory central clearing (and CCPs) of simpler derivatives that had previously traded OTC, c.f. Dodd-Frank in USA Responding to G20 pledge in 2009 Both financial and non-financial counterparties, reporting, clearing, operational risk management requirements for non-cleared derivatives and collateral Whether it will actually reduce rather than merely redistribute systemic risk is debatable But this misses the point that the underlying driver is probably more a desire for greater transparency and resolvability Contentious for non-financials and for pension funds EMIR views pension funds as more inside than outside financial services industry?

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