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Update to EMIR Q+A released

ESMA have today released an update to the EMIR Questions and Answers document, which can be found here. There are three new answers:

  • CCP Q3 (Page 36) – Relates to default management with respect to CCPs. It looks at risk management, relating to positions held, how the policy  may be executed using transactions and the costs allocated.
  • TR  Q37 a (Page 89)  – About data available to NCAs from TRs – NCAs will be able to access unaccepted data. and also data from both TRs when each side of a transaction was submitted to different TRs.
  • TR Q41 (Page 91) – Reporting of notional in position reports – Notional needs to be reported in position reports and calculated as quantity * price.

It is now nearly two years since EMIR reporting started, and we have been a far smaller volume of questions. However the new RTS, which is likely to come into force later this year, will no doubt give rise to new questions. This year also sees the start of mandatory clearing for some, which is likely to refocus the market on EMIR.




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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