David Lawton has spoken on the outcomes FSA hopes the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (EMIR) will achieve. He noted the challenges of meeting the implementation timetable. He said he expects the first clearing obligations to arise in late 2013, with a consultation on collateralisation of non-cleared trades in the first half of 2013. He gave practical advice to firms on establishing clearing arrangements and getting ready for the non-margin aspects of bilateral risk mitigation. He also discussed how firms should establish connectivity with one or more trade repositories. (Source: FSA Speaks on EMIR)