European Market Infrastructure Regulation

Definition

Regulation (EU) 648/2012 governing OTC derivatives, central counterparties (CCPs), and trade repositories. EMIR imposes three primary obligations on counterparties dealing in OTC derivatives: mandatory clearing of standardised contracts through authorised CCPs, mandatory reporting of all derivative contracts to registered trade repositories, and risk mitigation techniques for non-cleared contracts (including margin requirements, portfolio reconciliation, and dispute resolution). EMIR REFIT (Regulation (EU) 2019/834) introduced proportional exemptions for small financial counterparties and non-financial counterparties below clearing thresholds.