Financial information regulation and Emir principles

This paper analyzes the provisions of (EU) Regulation No. 648 of 2012 (EMIR), in relation to the need to avoid certain practices of negotiating – privately and on the basis of information available only to the contracting parties – some types of financial instruments (and, in particular, derivatives). The Authors focus on the rules that aim at increasing the transparency and the safety of the capital markets, in line with the evolution of communication processes, centralizing data in warehouses available to any financial operator. Today, this centralization sets the stage for a new set up of the financial transactions. The implementation of the EMIR provisions (and, therefore, of appropriate clearing and reporting mechanisms) affects also the organization of an industry that will ensure a more effective protection of the «right to information». In conclusion, the research highlights the key factors of a ‘market for financial information’, which is not yet considered as a reality by the EU regulator. We remain, then, with the unsatisfied expectation that the EU has not considered (and regulated) all the activities related to the demand and supply of information about market trends and financial instruments features.