The European Market Infrastructure Regulation's standards for central-counterparty recognition were implemented March 15. Recognition for many CCPs in Asia remains uncertain, forcing European banks that operate in the region to make difficult decisions. Keith Noyes, ISDA's Asian-Pacific director, says CCPs in China, India and South Korea will struggle to get the green light from the EU. "EMIR is actually very extraterritorial in its reach," he said. "In an ideal world, what would matter is whether a CCP meets the [Committee on Payment and Settlement Systems and International Organization of Securities Commissions] global standards. EMIR is much more specific and granular on this than even the Dodd-Frank Act."