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EMIR, Uncategorized

EMIR reporting changes nearly here

On 1st November 2017 the fields and formats with which trades must be reported under EMIR will change (see here). This is the third set of changes to be made since reporting originally went live on 12th February 2014, and is therefore referred to by some as “Level 3 validations”, following the naming convention of the previous iterations. The changes however are more significant than previous ones, since many new fields are being added. In addition, new codes such as CFIs and LEIs will become mandatory.

This article by Shuchika Kohli and Ananya Mohata of  Sapient Global Markets on the Tabb Forum web site looks at the types of changes required. It argues that those who have so far followed a tactical approach in meeting different reporting regulations on a piecemeal basis may now wish to consider a more strategic approach, especially in the light of new regulations in the pipeline such as MiFID II, as well as ongoing changes to existing rules, which in the energy and commodities sector will likely include REMIT.

This article by Lloyd Altman of Regtek Solutions in the Journal of Securities Operations & Custody also examines the challenge of meeting multiple regulatory reporting requirements which undergo regulatory changes.

The changes to EMIR will continue when the changes proposed under the EMIR Review are implemented, likely in just over 18 months’ time. These change what needs to be reported, by whom and how (see here). Many non financial counterparties will likely have preferred that the two sets of modifications are packaged together, as in some cases the scope will decrease with the second set of changes.

 

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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