ESMA have published their 2014 work plan for supervising trade repositories, which can be downloaded here.

In it they talk of their general investigatory plans. But they also talk of the “transition” phase to full operation which they optimistically see as taking “several weeks”. The focus is to include:

• Client on boarding
• Inter TR reconciliation
• Pricing transparency

All of these issues have been seen over the last few weeks. We expect the reconciliation side to be the most challenging. Perhaps ESMA will finally get involved in trying to clarify the data formats, which would surely address the majority of the issues.