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.