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EMIR, FinFrag, Mifid, SFTR

Could EMIR reporting change? Articles and information on trade reporting under EMIR, MiFID, SFTR and FinFrag

There has been a great deal of discussion on the future of EMIR following the EMIR review in 2015. Some of this has focused on whether the reporting of trades under EMIR should move to a one sided model, or possibly one with “enforced delegation” when a financial counterparty trades with a “small” non financial. This article on the Reuters web site indicates the former, although previous indications have pointed to the later. The article reports that new proposals will be released this week. The article also talks of a delay to the start of mandatory clearing for pension funds.

The next months will see several new and updated reporting requirements, some of which will apply to all market participants, to a greater or lesser degree, depending on status, location and products traded. These include the start of the new reporting formats under EMIR, due to start on 1st November, the reporting requirements of MiFID II from 3rd January 2018, and SFTR (Securities Finance Transaction Reporting), which applies in phases from later in 2018 and covers securities financing transactions as well as commodities lending. Those with entities in Switzerland will also need to report under “FinFrag” under a phased timeline which commences on 1st October 2017.

This article on The OTC Space by Alan McIntyre of RegTek, looks at some of the issues in meeting these deadlines, from a financial counterparty perspective. RegTek have produced this infographic which summarises the key points in the new EMIR RTS. The article first appeared in “Rocket” magazine, which can be downloaded from here.

ETR Advisory and Entrima will be running a course on data reporting, which will cover all of the above topics, on 16th May in Amsterdam. A list of courses and details can be found here.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy 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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