U.K. Treasury Minister Mark Hoban said he supports a proposal to expand the European Market Infrastructure Regulation to include transactions of exchange-traded derivatives. "There are two alternatives for EMIR: one, to cover all trades, or two, to cover only those trades that are executed outside an exchange," Hoban said. "The arguments favor No. 1. The purpose of clearing is to reduce systemic risk -- it's not clear to me why exchanges should be exempt."