Risk Italia survey 2014: Regulation brings clearing to the fore

There are two clear messages from Risk Italia’s 2014 survey. First, market participants are expecting profound effects on Italy’s derivatives markets from the imminent introduction of over-the-counter swaps clearing. Second, most respondents consider themselves to be well prepared.

More than 300 market participants responded to this year’s survey, which focused on the implications of the introduction of the requirement that a whole raft of over-the-counter derivatives contracts must past through a central clearing counterparty (CCP). That is one of the key provisions of the European Market Infrastructure Regulation (Emir), which came into force in 2013 and 2014, and whose clearing obligations will be phased in from 2015 for the largest market participants, with smaller