Stephen Maijoor spoke to ISDA on the role and priorities of ESMA and how it plans to use its new powers. He then discussed the role of industry and regulation in the reform of OTC derivatives markets. He stressed the importance of minimising any potential duplication of regulation and how ESMA is interacting with US regulators on this point. He then discussed ESMA’s role under EMIR and its commitment to fulfil its planned obligations in respect of technical standards, identification of contracts eligible for central clearing, supervision of trade repositories and co-ordination of colleges of supervisors of central counterparties. On the trading side, he said European thinking is less advanced, but the MiFID Review would give ESMA a significant role. (Source: ESMA speech to ISDA)