The EU Commission proposed a regulation for over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repository markets to improve transparency, as well as reducing counter-party and operational risks. The proposal includes requirements that information on OTC derivatives contracts should be reported to trade repositories and be available to regulators, with additional information also being made available to market participants. The proposal also envisages that standard OTC derivatives contracts receive clearance through CCPs. The draft regulation is to pass to the EU Parliament and the EU Council for negotiation and adoption, with proposed implementation by the end of 2012.Various compromise texts have been proposed in respect of the EU Commission's legislative proposal which is also known as the European Market Infrastructure Regulation (EMIR).