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By Lionel NICOLAS, Partner, FS Consulting Leader and Admir FEJZIC, Director, FS Consulting, PwC Luxembourg
The turbulence on the energy markets and the recent collapse of the Silicon Valley Bank have reminded many of the effects of the last financial crisis in 2008 when capital markets experienced extreme volatility. The response of the European Union in the aftermath of that crisis was a wide range of regulatory initiatives which were developed to strengthen the European capital markets. One of the key regulatory initiatives was the European Market Infrastructure Regulation (EMIR).
The regulation came into force in 2012 with the goal to reduce the systemic risk and increase the transparency of the derivatives markets in the European Union....
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