The Implementation of European Market Infrastructure Regulation and Its Influence on Derivatives Market in Poland in 2010–2014

Abstract

The article presents the analysis of the changes of derivates market structure in Poland before and after the implementation of regulations on OTC derivatives market, which was imposed in EU by EMIR (European Market Infrastructure Regulations). That was implemented by EU Parliament and EU Council ordinance No. 648/2012 dated on the 4th of July 2012, on the derivatives being the subjects of trade outside of the regulated market, central counterparties and transactions repository. The article describes the origin of the world financial crisis in 2008 as well as regulations which were published 2010-2012 in USA and EU aiming to reduce the possibility of critical situations occurrence in following years. Furthermore, Poland’s most popular OTC derivatives and local derivatives regulations have been characterized in the paper. The assessment of introducing in 2012 regulations on OTC and its value structure has been performed.