On 27 September 2012, the European Securities and Markets Authority (ESMA) published its draft technical standards in the European Market Infrastructure Regulation (EMIR). The technical standards supplement the level one text of EMIR that came into force on 16 August 2012.
The EMIR framework aims to improve the functioning of OTC derivatives markets in the European Union (EU), by reducing risks via the use of central clearing and risk mitigation
techniques, increasing transparency via trade repositories, and ensuring sound and resilient central counterparties (CCPs).