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EMIR, Uncategorized

Changes to EMIR reporting

Last November ESMA issued a draft version of a new standard  for EMIR reporting, which can be found here. The new format adds many new fields and changes many others, including some that will have an impact on reporting of commodity and energy derivatives.

Despite being available since November, the new formats have still not been adopted, and there is therefore no date for go live, which takes place 9 months after adoption. This article on Marketsmedia reports on a webinar given by UnaVista of the London Stock Exchange last week, which estimates the go live in June 2017. A view is expressed on the finality of the formats, and whether it is worthwhile to commence work now.

What is clear is that formats are subject to change. We have already seen an announcement by ACER that there will be a  REMIT schema change next year, and the MiFID II reporting requirements will affect many market participants, most under position reporting, and some  for the entire gamut of reporting(those who must set up regulated entities due to not passing the Ancillary Activity test). On top of this, Brexit may well make the reporting landscape more complex.

It is therefore advisable to be ready for further changes, and if possible to ensure that reporting solutions are flexible.

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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