Regulation of OTC derivatives markets in Europe: EMIR, more transparency?

Summary Following the financial crisis of 2007, a set of regulations was put in place at the global level, including EMIR in Europe. Among the obligations generated by this text, there is the obligation to declare to the supervisory authority all derivative transactions traded over-the-counter. This in order to increase the transparency on these markets. The objective of my work is to demonstrate that this is not in fact the case. To do so, I explore two main axes. The first one concerns the actual reporting of transactions and the processing of this information by the regulatory authorities. For this, I exploit public data related to this issue and also the information available to me in the course of my work. The data are relatively well declared but are not or very little exploited by the supervisory authorities. The second axis is more theoretical. Information does not necessarily lead to transparency. What is important for the proper functioning of derivatives markets is the symmetry of information and trust between participants.