Key industry figures have said
that the European Market Infrastructure Regulation (Emir) must
make indirect clearing a genuine and practicable option for
certain market participants.
According to Goldman Sachs,
the way to accomplish this is for the draft regulatory
standards (RTS) to avoid setting out a specific single model of
"The principles of agency and
insolvency law are not consistent across all European
jurisdictions and as a result a single model might not work in
each member state," said the investment bank in a response to
Emir introduces provisions to
improve transparency and reduce the risks associated with the
over the counter (OTC) derivatives market and establishes
common rules for central counterparties (CCPs) and trade
To facilitate the use of...