• 07-NOV-2013

Trade repositories authorised - countdown to EMIR reporting begins

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London, 7 Nov 2013 ‑‑ The European Securities and Markets Authorities has today announced that under the European Market and Infrastructure Regulation (EMIR), the first trade repositories will need to begin EMIR reporting for all derivative counterparties in February 2014. 

As a result, any derivative counterparty in the European Economic Area (EEA) that is subject to EMIR, including corporates and other unregulated market participants, will be required to provide complex reports for transactions in all derivative asset classes (interest rates, foreign exchange, equity, credit and commodities) and for both over-the-counter (OTC) and exchange-traded derivatives from 12 February 2014.

The new reporting obligation will require substantially more detailed information than regulated firms are currently reporting to the Financial Conduct Authority (FCA). Firms will need to manage the new derivative reporting regime in parallel to the existing FCA reporting regime. Corporates and unregulated counterparties which currently have no reporting obligations must build or delegate reporting to meet this new requirement