Emir forcing European banks in Asia to consider the local subsidiary approach
With Esma recognition for various Asian CCPs wholly uncertain at this point, European banks operating in the region face a stark strategic choice to stay in some markets
When the European Market Infrastructure Regulation, or Emir for short, became law in August last year, its extraterritorial implications were overshadowed by concern over the international reach of its US equivalent, the Dodd-Frank Act. But the March 15 activation of Emir's implementation standards on central counterparty (CCP) recognition has dragged Emir onto centre stage.
The issues surrounding the ‘US person' definition and Commodity Futures Trading Commission (CFTC) swap dealer registration
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