On 4 July 2012 the EU Council formally approved the Regulation on OTC derivatives, central counterparties and trade repositories, which the European Parliament had already adopted at first reading on 29 March 2012. The Regulation, which is also known as the European Market Infrastructure Regulation or EMIR, will enter into force shortly after its forthcoming publication in the Official Journal of the EU.
EMIR will radically change the OTC derivatives landscape. Market participants will have to review and, in many cases, adapt their current OTC practices (including documentation, such as ISDA Master Agreements and collateral arrangements).
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