ECB has responded to the Commission’s request for an opinion on the draft regulatory and implementing technical standards (TS) submitted by ESMA on EMIR, the European Regulation on OTC Derivatives, Central Counterparties (CCPs) and Trade Repositories (TR), which the Commission must adopt before the end of 2012. To protect central banking functions, ECB proposes that also central banks’ counterparties should be exempted from reporting on their derivatives transactions. It is also proposing the maintenance of communication tools for the management of crisis at CCPs and the need to report to TRs information on the type of restructuring clauses contained in credit default swaps. (Source: Opinion of the ECB on EMIR draft TS)