After a frantic first month for the trade reporting mandate under the European Market Infrastructure Regulation (EMIR), it has all gone relatively quiet. After initial reports of backlogs, frozen IT systems and even reports of some market participants ceasing trading altogether as a result of not being able to on-board with a trade repository, there has been silence.

The thorny issue of a European Financial Transaction Tax (FTT) is back in focus with the legal challenge by the UK to prevent it, expected to fail. The European Court of Justice (ECJ) was not previously expected to rule on the British challenge until 2015, but the ruling is expected to be handed down ahead of the European Parliamentary elections which take place in May.

The fifth version of the Undertakings for the Collective Investment in Transferrable Securities (UCITS V) was approved by the European parliament in mid-April, ahead of the European Parliamentary elections in May. This offers clarity around the directive, since a raft of new European Members of Parliament would likely have resulted in re-negotiations and the re-opening of the discussions around it. With UCITS V, however, now passed, it moves along to the European Securities and Markets Authority (ESMA) to draw up the regulatory technical standards for its implementation.

The Polish central counterparty clearing house (CCP) has become the third authorised CCP in Europe after the authorisations of NASDAQ OMX on 18 March and EuroCCP on 1 April 2014. KDPW_CCP filed its application for authorisation with its competent authority (CA), the Polish Financial Supervision Authority, on 28 June 2013. This started the process that resulted in KDPW_CCP being authorised on 8 April 2014.

NASDAQ OMX, the Swedish clearing house, became the first central counterparty clearing house (CCP) to be authorised under the European Market Infrastructure Regulation (EMIR) on 18 March. It has now been joined by Amsterdam based CCP, EuroCCP on 1 April.

EuroCCP recently merged with EMCF and is owned equally by, ABN Amro Clearing Bank, NASDAQ OMX, DTCC and Bats-Chi X. This single entity created the largest cash equities clearing house in Europe and it operates under the EuroCCP name.