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EMIR

When is EMIR reporting going to start?

We have seen more than one change of date under EMIR over the last 2 weeks, including both trade reporting and clearing.

On the trade reporting side, we saw the first reporting date for interest rate swaps and credit default swaps, being set as the 23rd September, rather than “earliest 1st July”.

Then a couple of days ago we saw a footnote on the official timetable on the ESMA EMIR page, saying that the first TR registrations “were not expected” until August. If this expectation is met, then the first reporting date would not be until 3 months after that, i.e. November.

However, just because it is expected, does not mean that it will happen. So the possibility exists for earlier reporting, although this is unlikely.

A further question, that is of more relevance to the energy industry is whether the second date, when commodity derivatives need to be reported, will remain on the 1st Jan 2014.

So far there has been no official sign of it moving, will the ESMA dates staying at 1st January.

However, if the first date is in November, particularly in late November, it is hard to see how the January date can hold.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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