First this report details how the concept of interoperability has emerged in the EU and the general EU regulatory framework applicable to it as described mainly in EMIR Articles 51 onwards and in the Guidelines and Recommendations for establishing consistent, efficient and effective assessments of interoperability arrangements 1 (the Guidelines and Recommendations).
Then it provides a mapping and a description of the current interoperability arrangements between EU CCPs for different product types i.e. EU equities, EU government bonds and EU Exchange Traded Derivatives (ETDs).
Finally it examines the reasons for extending the current EMIR framework to derivatives taking into account the corresponding costs and benefits to then conclude on the opportunity of such extension and its scope, i.e. restrict ed to ETDs and not yet to OTC derivatives.
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