IMA, BBA, ISDA, the European Fund and Asset Management Association (EFAMA) and other industry associations have written to Michel Barnier stressing their concern that EMIR does not take proper account of the likely concentration of clearing provision. They say the effects of various directives are likely to encourage the current trend towards concentration in the provision of clearing and trading services, and that choice and efficiency of the services available in the EU may diminish as a result. They have urged the Commission to include within EMIR, and, in due course, within MiFID, explicit and detailed open access requirements so clearing houses will have to accept instruments for clearing regardless of where they have been traded. (Source: Industry Letter to Commission on Clearing)