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Laxman Pai, Opalesque Asia:

Trade repositories reported a total of 74 million open transactions at the end of 2017, amounting to a gross notional outstanding of around EUR 660 trillion ($756tn), according to the European Securities and Markets Authority (ESMA)'s first annual statistic report on the EU's derivatives markets.

These statistics included both over the counter (OTC) and exchange traded derivatives. The report, based on data submitted under the European Markets and Infrastructure Regulation (EMIR), provides the first comprehensive market-level view of the EU's derivatives markets.

A press statement from ESMA quoted Steven Maijoor, Chair, saying: "The data gathered by ESMA as part of its EMIR responsibilities provides us with an unprecedented level of detail on derivatives transactions and exposures. In addition to allowing us to quantify the size of the market, at EUR660tn, it also allows us to observe that derivatives clearing rates are increasing significantly, showing that the EMIR clearing obligation works and is having the desired impact."

Steven added: "ESMA's analysis of this data provides, for the first time, new information about this market which will facilitate oversight and enhance supervisory convergence, thereby contributing to orderly markets and financial stability in the EU."

Highlights of the report

At the end of 2017, trade repositories reported a total of 74mn open transactions amounting to a gross notional......................

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