The EU regulation No 648/2012, also known as EMIR, is setting the framework for regulating OTC derivatives. EMIR came into effect on August 12, 2012. This course gives a comprehensive overview of the market trends and movements triggered trough EMIR. The course is an e-learning course, which can be completed online. Upon request, onsite courses are available.

Course curriculum:

  • Derivatives Introduction

An overview of the market trends in the last year in regards to post-trade operations in derivatives. Current OTC topics such as: overview and development of dark pools, trade standardization, risk aspects; including market, counterparty and operational risks, trade matching and confirmations, post-trade downstream processing, the development of centralized clearing, definition and separation of variance and initial margins, negative aspects of a CCP. The OTC settlement mechanisms are being discussed as well master agreements and their role in netting and reducing settlement risk.

    • Dark Pools
    • OTC Standardisation
    • Risk Aspects of OTC Derivatives
    • Trade Matching, Trade affirmation and Confirmations
    • Overview of Downstream Processing
    • CCP – Centralised Clearing
    • Direct and Indirect clearing, agent-principal models
    • CCP Fire drills and stress test requirements
    • CCP Initial Margin models
    • CCP Variation (MTM) Margins
    • Comparison of CCP capital requirements
    • CCP processes in case of a defaulting clearing member
    • Portfolio and Cross-Margining, eligible margins
    • Collateral ringfencing
    • Negative Aspects of CCP
  • Overview of the Derivative Front and Back processes
    • ESMA
    • Settlements; CLS Settlements
    • Cash and physical Settlement
    • ISDA Confirmation Templates – Interest Rate Swaps, Equities and Credit Derivatives
    • Master Agreements and Netting
    • Role of Netting in Credit Risk
    • Trade Repositories – Standards and Obligations
    • Legal Entity Identifier (LEI)
    • G20 recommendations
    • Echange Traded Derivatives
    • Standardised contract specifications for futures
    • Exchange traded vs. OTC Derivatives
    • OTC – Technology Market Players and Standards
  • Practical Guide
    • Timetable of EMIR regulations
    • Counterparty Classification

EMIR counterparty Classifications

    • Trade Repository Reporting
    • FC/NFC+/NFC- Category identification and threshold monitoring
    • Confirmation timing


  • Addendum: EMIR Product Scope for Reference
    • Swaps: FX Swap, Interest Rate Swap, Coupon Swaps, Basis Swap, Margin Swap, Money Market Swap, Term Swap, Delayed Swap, Forward Start Swap, Zero Coupon Swap, Amortizing, Accrediting and Rollercoaster Swap, Asset swap
    • Outrights (FX forwards), Non-deliverable forwards, Forward Rate Agreements (FRA), Caps, Floors, Swaptions
    • Exotic derivative options, such as: Bermudan/American/European Options, Digital Binary Options, Pay Later Options, Chooser Options, Asian Options, Lookback Options, Ratchet/Cliquet Options, Barrier Options, Multi Asset Options, Quanto Options, Warrants and Convertible Options
    • Equity Volatility/Variance Swaps, Equity Swaps, Commodity Swaps, Total Return Swaps
    • Credit Derivatives: Single Name Credit Default Swaps, Credit Indices, Credit Default Swap Options

Each of the chapter includes a questionnaire and links to additional articles. At the end of the course, there is an assessment which includes 65 questions. Upon request, the course can be conducted onsite.