The European Market Infrastructure Regulation, or Emir, is Europe's response to a G20 committment made in Pittsburgh in 2009 to overhaul the off-exchange derivatives market. Global policy wanted to safeguard financial markets from the huge and frequently uninsured one-way positions in over-the-counter (OTC) derivatives that went unnoticed in the run-up to the financial crisis until it was too late. The principles underpinning it were agreed by European authorities in early 2012 although regulators are still working on the fine details that will govern their daily operations. The Emir regulation requires more OTC derivatives to be backed by processed through clearing houses and be backed by collateral. Trades also have to be reported to authorities via trade repositories. While there are many similarities between the European regulation and its US counterpart, the Dodd-Frank act, there are also crucial differences. US and European authorities have differing views on minimum amounts of margin that clearing houses must hold and who reports completed trades.
In September 2013 an FT writer commented that there had many difficulties bringing in the new regulations. Interdealer brokers have most to lose, he wrote, because of their long-term role acting as middlemen moving large blocks of illiquid securities. The interdealer brokers, such as ICAP, Tullett Prebon and GFI Group argued the reforms would simply institutionalise a role they already fulfil.