Position paper - Review of the European Market Infrastructure Regulation - trilogue recommendations

In light of the ongoing interinstitutional negotiations on the review of the European Market Infrastructure Regulation (EMIR), the co-legislators should consider certain issues to make sure the text reaches the right balance. Since a competitive and open clearing ecosystem in the EU is essential for a well-functioning Capital Markets Union (CMU) due to the global dimension of derivatives markets, the co-legislators should not lose sight of the current reality of clearing markets and should come with proposals to develop European markets and capabilities. The positive steps to reach these objectives include, amongst others, the pragmatic approaches taken regarding the active account requirement and the concrete steps towards a real and efficient enhanced EU supervision.