London, 22 May: Hedge funds, asset managers, banks and proprietary trading firms subject to the EMIR 3.0 regulation are confident that they will meet the deadline despite many still to onboard with an EU-based clearinghouse, a study by Acuiti has found.
The whitepaper, EMIR 3.0: Intentions and Preparations Ahead of Implementation, which was produced in partnership with Sernova Financial, explores the readiness of proprietary trading firms, asset managers, hedge funds, and sell-side firms to comply with the new framework, which will be implemented on June 24, 2025.
EMIR 3.0 introduces a range of regulatory changes aimed at increasing the resilience of clearing infrastructure for OTC and listed interest rate derivatives within the EU.
A key feature of the regulation is the Active Account Requirement (AAR), which requires firms to clear a representative number of trades in Euro and Zloty-denominated derivatives through EU-based CCPs.
Overall, 71% of firms in scope for EMIR 3.0 said that they will definitely be ready ahead of the June implementation date. This compared with just 9% that said that they are unlikely to be ready or definitely wouldn’t be ready.
While over half of firms surveyed had either completed the onboarding process or are already compliant, a significant percentage remained in the early stages of preparation. Notably, 31% of firms were still evaluating clearinghouses as the survey was conducted.
“While a significant number of firms will have progressed their onboarding plans since the survey was conducted in March and April, it still suggests that there will be a late rush to comply with some risking not being ready for the mandate,” says Will Mitting, founder of Acuiti.
“For firms leaving it late to onboard, there is a risk of bottlenecks at the CCP in the last-minute rush to comply.”
The study also asked which CCP firms were planning to onboard with, revealing Eurex as the clear front-runner.
However, two thirds of firms in the survey said that they were either very unlikely or certain not to move more than the minimum required volume over to an EU CCP at this stage.
The whitepaper also explores firms’ plans for ongoing compliance beyond the AAR, including the integration of automated monitoring systems and strategies to manage expanded reporting obligations and increased margin transparency requirements.
“EMIR 3.0 will be a significant operational uplift for many firms to ensure and monitor ongoing compliance. For many firms that are subject to the requirements, it will be a time to re-evaluate the economics of self-clearing,” says Richard Thompson, chief operating officer and co-founder of Sernova Financial.
“We are working with clients across the market to outsource their EMIR 3.0 and clearing operations in order for them to reduce the cost of compliance while realizing the economic benefits of EMIR 3.0.”
The key findings of the paper are:
- 71% of firms in scope for EMIR 3.0 say that they will definitely be ready for the June deadline, however in March and April, over a third still had to select the CCP that they would be onboarding with.
- Proprietary trading firms and smaller hedge funds showed lower levels of preparedness and awareness regarding the AAR mandate.
- Eurex is the preferred EU CCP, with 64% of firms planning to onboard -almost all of those who had confirmed which CCP they will clear at – while KDPW, Nasdaq, and BME lag in awareness and adoption.
- Fees, prime broker advice, and margin offsets are key factors influencing firms’ decisions to move more than the minimum required business to an EU CCP.
- Only 12% of firms have fully implemented automated monitoring systems for ongoing compliance with the AAR, while 24% plan to rely on manual monitoring.
The whitepaper is available for download at: https://www.acuiti.io/wp-content/uploads/2025/05/EMIR-3.0-Intentions.pdf.
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For more information, contact Will Mitting at Acuiti.
Tel.: +44 (0) 203 998 9190
Email: willmitting@acuiti.io
About Acuiti
Acuiti is a management intelligence platform designed to provide Senior Industry Professionals in the Derivatives Industry with high-value insight into industry-wide performance and business operations. Acuiti provides a platform through which our exclusive network of Senior Industry Executives can share and source information on day-to-day operational challenges, providing them and their management teams with increased transparency and in-depth analysis to make more informed decisions and benchmark company performance. Financial Institutions benefiting from our services include Banks, Non-bank FCMs, Brokers, Proprietary Trading Firms, Hedge Funds and Asset Managers.
About Sernova Financial
Sernova Financial provides banks, brokers, hedge funds and proprietary trading firms unique shared utility model solutions to take direct control of their global access to clearing, collateral and risk management infrastructure. Our solutions support exchange-traded derivatives, over-the-counter derivatives and financing markets. Through Sernova’s partnership approach, team expertise and cutting-edge technology, we reduce complexity, implement and scale faster, and reduce costs more than any other provider.
For more information on Sernova Financial, contact Phillip Atkinson.
Tel.: +44 7500 833387