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EMIR, Uncategorized

The new EMIR RTS goes into effect

The new EMIR Regulatory Technical Standard will officially go into effect tomorrow, on the 1st November 2017. However, many Trade Repositories have implemented the new formats slightly earlier (see here).

The new RTS sees some significant changes to the reporting formats, including the addition of may new fields, and also changes in validations (see here) and acceptable values. These span many new fields relating to credit derivatives, new fields for reporting collateral updates, new rules about the use of product codes such as AII, CFI and ISIN and a requirement to use LEIs for counterparties. Trade Repositories have posted guidance over the past months in order to help market participants prepare for the changes, including:

The links above vary in terms of detail, depending on what is publicly available.

It is expected that the next few days will see the “bedding down” of the new reports as they go into production.

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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