November 22, 2012

David Lawton (FSA) at TradeTech: New estimates on the timeline for implementing EMIR

At today’s TradeTech conference David Lawton acknowledged that the implementation of EMIR will make OTC products more expensive, and consequently shrink the market at the same time. He believes this will lead to a more reliable and less risky market place. ¬†He also updated the room on his expectations about the implementation of EMIR which are fresh news and different from the timeline many have understood until recently.

His timeline summary was stated like this:

  • There are ‘no accurate forecasts yet’, but:
  • ESMA Technical Standards
    • Implementation of EMIR Level 2 in Q1 2013, meaning the ESMA Technical Standards
  • Clearing
    • Mandatory Clearing: Q4 2013
  • Trade Reporting
    • July 2013 for CDS & IRS, January 2014 for all others
    • Following July and January there is 90 days to backload trades into an SDR
  • Margin on non-cleared trades
    • During first half 2013 there will be more consultation on proposal for margin on non-cleared trades
    • A further proposal on non-cleared margin by end of 2012
    • Strong challenge to find an approach to margin which brings appropriate protection but is practical and can be implemented

Patrick Pearson is speaking shortly, we’ll see if he confirms or contradicts the above timeline.

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