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FINANCIAL MARKET COURSES

European Market Infrastructure Regulation (EMIR)

The European Market Infrastructure Regulation (EMIR) – the European Union’s framework for regulating the OTC derivatives market – is one of the most significant pieces of financial legislation in the EU’s history. Although it forms part of a global effort to regulate OTC derivatives following their role in the financial crisis, EMIR is arguably the most significant of all such regulations due to London’s prominence as a leading center for derivatives trading and the range of firms that EMIR applies to.

 

EMIR imposes significant clearing, reporting, and risk mitigation obligations in relation to OTC derivatives transactions on a broad range of market participants. This course sets out the detail of these obligations and how they apply to these market participants.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Outline the purpose and scope of EMIR

    Describe the clearing obligation under EMIR, including the clearing thresholds for nonfinancial counterparties (NFCs)

    Explain the details of EMIR's reporting obligation, including the data that is required to be reported

    Describe the risk mitigation techniques that apply to OTC derivatives contracts that fall outside the scope of the clearing obligation

  • COURSE OUTLINE

    Topic 1: Overview of EMIR

    Purpose

    Key Requirements

    o Clearing Obligation

    o Reporting Obligation

    o Risk Mitigation Techniques For Non-Centrally Cleared Derivatives

    Who is Affected?

    o Financial Counterparties (FCs)

    o Nonfinancial Counterparties (NFCs)

    Obligations of Counterparties

    What Contracts are Affected?

    Territorial Scope

    Equivalence

    Exemptions

    o Authorities Involved in the Management of Public Debt

    o Intragroup Transactions

    o Pension Funds

    Timeline & Technical Standards

    Topic 2: The Clearing Obligation

    Overview & Timeline

    Eligibility Criteria

    o Bottom-Up Approach

    o Top-Down Approach

    The Clearing Threshold

    Application

    Topic 3: The Reporting Obligation

    Overview & Timeline

    Data to be Reported

    o Legal Entity Identifier (LEI)

    o Unique Trade Identifier (UPI)

    o Unique Product Identifier (UPI)

    Delegation

    Reporting of Exchange-Traded Derivatives

    Trade Repositories

    Topic 4: Risk Mitigation Techniques for Non-Centrally Cleared Derivatives

    Risk Mitigation Techniques?

    o Timely Confirmation

    o Portfolio Reconciliation

    o Portfolio Compression

    o Dispute Resolution Procedures

    o Daily Valuation

    o Collateral Exchange

    o Capital Requirements

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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