Just over 18 months after finalisation which followed much discussion, the reporting phase of EMIR REFIT starts tomorrow in the EU (see here). Many have been preparing for this cutover which sees some major changes in reporting, including the requirement to use ISO 20022, many new and changed fields, a new event model and more. There are many commodity specific changes as well.

Several of the changes have led to major challenges for some market participants: In addition to operational issues, availability of the new UPI (Unique Product Identifier) for many products has hampered efforts, as well as unanswered questions around energy and commodity derivatives transactions.

The UK version of REFIT starts in late September (see here).