With only 6 days to go until the Go Live for EMIR Reporting of Trades, things are getting busy for most people, trying to resolve issues and to get ready. There are many issues and it is going to be tight for many.

However, there are quite a few participants who are behind the curve, and have not yet set up their TR accounts. In fact there is a rush on to open these accounts, whether for those who are leaving EMIR late, or those who are finding that they have the wrong account type (for example some TRs require a separate account for third party reporting). And the on boarding processes of certain TRs are also quite long and complex.

As a result, some TRs are overwhelmed with account opening requests, which is causing delays in set up. There are reports of lack of responses and very slow turnaround from various parts of the market.  

With 6 days to go, it is therefore vital that you know which accounts you need, apply for any that you don’t have and then test the ones that you do. As soon as possible.