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EMIR

GLERT is here! How will it go? Will it work?

It’s the 12th February 2014 – the day of the Go Live for EMIR Reporting of Trades. After a countdown lasting years, it is finally mandatory to report all of your derivatives to a registered Trade Repository, on a daily basis, no matter who you are (with some exceptions).

As outlined several times on this board, there are still many unclear and unresolved issues, and many companies are not ready. Some have left it rather late, and some have found the challenge to be large.

No mater how ready, today is the day when we will see a surge of trades being sent to TRs. And early indications are that some are struggling to cope.

Many accounts have not been opened yet, with applications taking longer and longer to process. And many still have not received LEIs, since the “LOU”s that issue them are also backed up.

Last night saw pleas from more than one TR for Market Participants to stop overloading their test servers.

And also last night, ESMA issued a new Questions and Answers document, which amongst other things give new guidance on how to fill blank values, how UTIs should be constructed, and by whom, and also pronounced that counterparty pairs need to agree how to report trades under the “E” taxonomy. It is quite late to do that by the 12th though.

It will be interesting to see how the day goes. Stay tuned for updates. And please do send them also.

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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