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The International Swaps and Derivatives Association (ISDA) and Markit, a London-based provider of financial information services, report the launch of the European Market Infrastructure Regulation (EMIR) clearing classification tool on ISDA Amend, the ISDA and Markit online service that facilitates compliance with “certain EMIR and other regulatory requirements.”
Specifically, the tool “enables derivatives users to indicate to their counterparties whether they are subject to clearing obligations set by the European Securities and Markets Authority [ESMA] for interest rate derivatives,” ISDA officials say in a statement, which also notes that the tool is free for corporations and buy-side firms.
ISDA Amend was launched in August 2012 to help firms automate the information-gathering process and sharing of data to counterparties required by both EMIR and Dodd-Frank regulation, David Geen, ISDA’s general counsel, says in a prepared statement. “The EMIR Clearing Classification Tool broadens the existing offering on ISDA Amend, and was developed by ISDA and Markit following market demand for an automated solution to meet the classification requirements under Europe’s clearing obligation,” Green says.
Currently, 55,000 entities use ISDA Amend to manage counterparty classification, according to Markit.
Need a Reprint?- Read More:
- CFTC,
- Dodd-Frank,
- EMIR,
- ESMA,
- Markit,
- OTC derivatives,
- SEC,
- clearing,
- derivatives,
- isda
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