EMIR (European Market Infrastructure Regulation)

Roles that need it

• Regulatory Change Analyst
• Middle Office Analyst
• Trade & Transaction Reporting Analyst
• Collateral Management Analyst
• Legal Counsel
• Regulatory Consultant (Banking)

Skills it belongs to

• Regulatory change impact assessment
• Derivatives and how they work
• Trade and transaction reporting

Related concepts

• EMIR reportingEMIR reporting is the duty of EU counterparties to report the details of every derivative contract they conclude, modify or end to a registered trade repository by the working day after. Since the EMIR Refit of April 2024 reports use ISO 20022 XML with about 200 fields, including transaction, product and legal entity identifiers (UTI, UPI, LEI), valuation and collateral.
• Clearing obligationThe clearing obligation is the duty under the European Market Infrastructure Regulation (EMIR) for financial counterparties, and non-financial ones above clearing thresholds, to clear certain classes of over-the-counter (OTC) derivatives through a central counterparty. Classes in scope include the main interest rate swaps in major currencies and some index credit default swaps.
• CCP (Central counterparty)A central counterparty (CCP) is an entity that interposes itself between the parties to trades in one or more markets, becoming the buyer to every seller and the seller to every buyer. It manages counterparty risk through membership rules, margin, a default fund and a default waterfall, and in the EU is authorised under the European Market Infrastructure Regulation (EMIR).
• Trade repositoryA trade repository is an entity that centrally collects and keeps records of derivatives or securities financing transactions reported by market participants, and gives regulators access to them. In the EU trade repositories are registered and supervised by the European Securities and Markets Authority (ESMA) under EMIR (derivatives) and SFTR (securities financing).
• Active account requirement (EMIR 3)The active account requirement, introduced by EMIR 3 (Regulation (EU) 2024/2987), obliges EU counterparties subject to the clearing obligation above a threshold to hold an operational account at an EU central counterparty and clear a minimum number of trades there in certain interest rate derivatives denominated in euro and Polish zloty.

Sources

• Regulation (EU) No 648/2012 (EMIR), EUR-Lex (external site) accessed 31 Oct 2026
• Regulation (EU) 2024/2987 (EMIR 3), EUR-Lex (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.