Last two weeks catch up – Some activity on the EMIR front

We are back after a two week break, although since much of Europe has been on holiday there has not been a huge amount of activity.

On the EMIR side there have been a few developments:

• The OTC Derivatives Regulators’ Group sent this letter to the FSB, highlighting the fact that EMIR Trade Reporting cannot be effective unless cross border rules are introduced which require all parties to a trade to be identified. Currently there are difficulties in doing this because of certain jurisdictions’ data protection rules.
• The FCA published this review of Industry EMIR readiness. The review highlights some of the difficulties of reporting, but does not make much mention of the low matching rates or the difficulties of correctly reporting commodities trades.
• ISDA made known their concerns about the timing of the upcoming margin rules which can be found here. There is also some commentary on the OTC Space which can be found here.

As everyone gets back to work, and with the next EMIR deadline close, there will no doubt be much news over the next few days.