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EMIR

This tag is associated with 358 posts

ESMA report – Coal and oil derivatives/C6

Earlier this week, ESMA published this report, which was submitted to the European Commission a few weeks ago. It provides a recommendation as to whether to extend the exemption for “C6 energy derivatives” from 4 January 2021. A “C6 energy derivative” in this context is a coal or oil derivative that must be physically settled … Continue reading

EMIR reporting best practices spreadsheet – and a reporting article

ISDA this week issued this spreadsheet relating to EMIR reporting. It is a version of the EMIR “validations spreadsheet” with added columns for many of the fields, that provide best practice notes on how they should be filled. The spreadsheet was produced by several industry associations, including ISDA, EFAMA, EVIA, FIA, BVI, GFXD and IA. … Continue reading

6 years of EMIR reporting

It is 6 years today since EMIR reporting started, on the 12th February 2014. The initial post from that day can be found here. Interestingly, for those in the energy industry, the start date also coincided with the eWorld fair. Since then there have been several changes to the reporting formats, initially through “validation” updates … Continue reading

Reporting issues in financial regulation and a new master agreement

There have been several revelations recently that many who are obliged to report under MiFID II have been experienced issues with reporting. This article on The Trade News web site reports that a high proportion of market participants receive no feedback from regulators on submissions. The article refers to a study carried out by vendor … Continue reading

Brexit: CCP equivalence to be extended

The European Commission has confirmed in a speech that the temporary equivalence of UK Central Clearing Counterparties (CCP) will be extended further than the end of March 2020, as previously granted. This story on The Trade News reports on the speech in which confirmation was made. The extension means that in the event of a … Continue reading

Updated EMIR Q+A

Yesterday ESMA issued an updated version of the EMIR Questions and Answers document, which can be found here. There are several updates, some of which relate to the consequences of “REFIT” (see here). These are: OTC 2h (page 17) – Deals with entities that start to trade derivatives and by when they must calculate the … Continue reading

FIA position paper on ETD reporting under EMIR

The Futures Industry Association has issued this paper on the topic of reporting Exchange Traded Derivatives (ETD) under EMIR. The paper proposes some changes to simplify position reporting of ETDs. Unlike other reporting regimes around the world, EMIR requires that ETDs be reported by market participants. Many of those who report prefer to do so … Continue reading

EMIR REFIT – Updates

This blog is back after a short break. Last week, ESMA published an updated Questions and Answers (Q+A) document, as well as a letter around REFIT (see here). The updated Q+A, which can be found here, has two new answers: OTC 3 (Page 18) – Relates to the calculation of the clearing threshold under the … Continue reading

EMIR update – REFIT published and new Q+A

EMIR “REFIT”, which introduces some significant changes to the way in which EMIR is complied with, has finally been published in the Official Journal of the European Union.  The document can be found here. REFIT introduces changes that have an impact on those in energy and commodities, including: Changes to the way in which the … Continue reading

EMIR REFIT – Threshold changes to apply on publication

The EMIR REFIT process has almost completed its journey so that it can be published in the Official Journal of the European Union (see here) The REFIT process aims to reform EMIR, and includes several changes that have an impact on those in energy and commodities, in particular those who are Non Financial Counterparties (NFC)  … Continue reading