The European Securities and Markets Authority (ESMA) has published a report pursuant to Article 85(3)(d) of EMIR which provides that the European Supervisory Authority should submit to the European Commission a report on the extension of the scope of the interoperability arrangements under Title V of EMIR to transactions in classes of financial instruments other than transferable securities and money market instruments, which constitute the current scope of EMIR.

In the report ESMA recommends to extend the EMIR provisions related to interoperability arrangements to exchange-traded derivatives (ETDs). A further extension to over-the-counter (OTC) derivatives will be assessed at a later stage.

ESMA wll submit the report to the European Commission, European Parliament and the Council of the EU so that its recommendation can be endorsed and implemented. In the future ESMA may, if it is deemed appropriate, ask to further extend the EMIR framework to OTC derivatives.

View ESMA report proposes to include ETDs in EMIR’s interoperability arrangements for CCPs, 2 July 2015