With an EMIR review in process, it is interesting to read this article by JDX consulting on The OTC Space looking at how EMIR trade reporting is going. The article is focused on the issues around LEIs and UTIs. The article advocates standardisation around the FpML format, on the basis that it is already in wide use within many asset classes.
In the same vein, ESMA recently made this announcement which highlights the fact that aggregated data is now being published by all of the Trade Repositories.It also provides some volume numbers. For example over 300 million reports are being submitted weekly. The announcement mentions the fact that at present the data is not very harmonised. In addition to the review, there are various other efforts under way to harmonise the data, including the level 2 validations and results of the overall review of EMIR trade reporting awaited.
Those in energy will also need to deal with REMIT in the same time-scale. The appeal of a strategic solution to trade reporting, rather than a tactical one, will grow with the proliferation of regimes, and constant changes. The sooner such a solution is planned the lower the “regret cost” will be in terms of unnecessary spend on short term tactical projects.
The JDX article focuses on FpML and I am curious if reporting message format standard for OTC and ETD is trending towards FpML? Reminds me of message standard article: http://www.bankingtech.com/282951/esma-trade-reporting-standards-could-decide-future-of-markets/
The TR public data harmonisation has indeed come a long way and is starting to give the industry a good indication of the EMIR weekly reporting volume and TR data flows.