European Market Infrastructure Regulation (EMIR) entered into force on 16 August 2012 (UE N 648/2012) and aimed to increase the stability of European OTC derivatives market by introducing:
GMS has extensive expertise in implementing solutions to respond to these new regulations on OTC derivatives.
EMIR Clearing Obligation
From 2014, obligation to clear some OTC derivatives
GMS Solution: Implementation of clearing features into Summit via APIs.
EMIR Risk Mitigation
For non-centrally cleared trades, obligation to follow specific rules to monitor operational and counterparty risk.
Amongst others:
GMS Solution:
EMIR Reporting Obligation
Obligation to report to central repository, contracts details of OTC derivatives (cleared or non-centrally cleared)
GMS’s Functional architecture proposal: