Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 15, 2023 erstellt
Beschreibung:
This article analyses and discusses the update of the European Market Infrastructures Regulation (EMIR) as a consequence of the 2021-2023 energy crisis. More specifically, this article focuses on the modification of the margin requirements of central counterparties and more specifically on the question of whether these financial market infrastructures should accept unsecured commercial bank guarantees, emission allowances, and debt issued by public entities as collateral. A relaxation of the stringent collateral requirements could on the one hand ensure energy firms’ continuation to central clearing but on the other hand lead to negative macroprudential spillover effects for the financial sector. This article details all the pros and cons that were taken into account in the final decision of the European Commission to temporarily allow for a relaxation