The European Market Infrastructure Regulation (Regulation (EU) No 648/2012) establishes EU-wide rules for over-the-counter (OTC) derivatives, central counterparties (CCPs), and trade repositories (TRs).
It aims to improve market transparency, reduce systemic risk, and strengthen the stability of the financial system following the 2008 crisis.
Key obligations under EMIR include:
- Clearing standardised OTC derivatives through authorised CCPs
- Reporting all derivative contracts to trade repositories
- Risk mitigation for non-centrally cleared trades (e.g. collateral exchange, reconciliation)
EMIR 3.0 – Latest Reform (2024)
Adopted in November 2024, EMIR 3.0 strengthens the EU clearing framework and reduces reliance on non-EU CCPs.
Key changes:
- Active Account Requirement: Larger counterparties must clear EUR and PLN interest rate derivatives through an EU-based CCP (from June 2025)
- Updated clearing thresholds and counterparty classifications
- New exemptions for pension schemes and certain post-trade risk reduction services
- Greater transparency on CCP costs, margin models, and access conditions
Member States must implement directive elements by June 2026. ESMA is preparing technical standards to support roll-out.
EMIR is highly relevant for energy traders and market participants, especially those using derivatives for hedging or financing.
It affects:
- Clearing and reporting duties for commodity derivatives
- Classification of non-financial counterparties based on trading volume
- Access to CCPs and related cost and risk disclosures
Staying aligned with EMIR obligations is essential for compliant and efficient energy market operations in the EU.