ISDA and Markit Launch New EMIR Clearing Classification Tool on ISDA Amend
The International Swaps and Derivatives Association, Inc. (ISDA) and Markit today announced the launch of the EMIR Clearing Classification Tool on ISDA Amend.
ISDA Amend is an online service from ISDA and Markit that facilitates compliance with certain European Market Infrastructure Regulation (EMIR) and other regulatory requirements. The EMIR Clearing Classification Tool enables derivatives users to indicate to their counterparties whether they are subject to clearing obligations set by the European Securities and Markets Authority for interest rate derivatives.
ISDA and Markit intend to continue to develop the service as new regulatory technical standards are introduced. The EMIR Clearing Classification Tool on ISDA Amend is easy to use and free for corporations and buy-side firms.
“ISDA and Markit launched ISDA Amend in August 2012, and it has proved to be a hugely successful technology based tool that automates the information-gathering process and sharing of data to counterparties required by both EMIR and Dodd-Frank regulation,” said David Geen, ISDA’s General Counsel. “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.”
“We continue to expand the ISDA Amend solution to enable the large-scale exchange of counterparty information required by derivatives regulations worldwide,” said Darren Thomas, managing director and head of Counterparty Manager at Markit. “Our new EMIR Clearing Classification Tool enables the 55,000 entities using ISDA Amend to manage counterparty classification efficiently, ahead of mandatory clearing of certain interest rate swaps under EMIR.”
Source: ISDA
