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EMIR

More on the EMIR changes and a look at repository data

Last November ESMA published a new Regulatory Technical Standard outlining significant changes in the EMIR reporting formats. EMIR reporting has been in place since February 2014 and has seen two sets of “validations” added since. The validations change the rules about what goes into the fields, but do not change the fields themselves as to do so will require a modification to the original RTS. This is now what is proposed.

While we do not have a date for the application of the new formats, they are likely to start in the middle of next year, 9 months after the RTS is adopted. EFETNet recently made this announcement recommending that clients begin to consider the changes. This article on the Abide Financial web site also considers the changes and reminds of the (as yet unapproved) proposal by ESMA that if an FC executes a trade with a smaller NFC- under certain thresholds, the FC may be obligated to report both sides of the trade.

These changes, coupled with the likely change in the REMIT schema, will keep market participants busy over the coming months, as will new MiFID II reporting requirements. Hopefully the changes will achieve their objective of improving the data quality found within the TRs. In this vein, ClarusFT have published this article examining aspects of the committees data found in SDRs, the US version of a TR under the Dodd Frank Act.

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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