Compensación centralizada y transparencia en las operaciones con derivados extrabursátiles, ante la reforma de EMIR

Résumé

Building on some initial reflections on Over-The-Counter Derivative Contracts, this paper reviews the Proposal to reform the EMIR Regulation, particularly as it refers to aspects of mandatory centralized clearing, as well as to Information and Transparency Duties. We conclude with some critical reflections on a very prudent reform that does not fully address the necessary simplification and streamlining of processes to reorient the ordering of Over-The-Counter Derivative contracting to the logic of its cause as financial risk management instruments, which does not always coincide with the logic of standardization, as it has been warned from Private and Business Law quarters.