Category: Trade Reporting
EU and Wall Street in unlikely Tag Team
While it was always a fair bet that major banks would be vociferous in their objections to the CFTC’s closing of a putative cross-border regulation loophole, it is (at least recently) unusual to see the EU join the critical chorus. Bank lobbyists and Republican lawmakers have strenuously objected to the CFTC’s 15th November advisory statement, […]
ESMA consultation on EMIR Technical Advice relating to imposing fines on Trade Repositories
On 18 October 2013, the European Securities and Markets Authority (ESMA) published consultation paper 2013/1292 to provide technical advice to the European Commission on the procedural rules for imposing fines and periodic penalty payments on Trade Repositories (TRs). The advice requested is in relation to Article 64(7) of EMIR and sets out ESMA’s preferred options […]
ESMA Indicates No Delay In ETD Reporting
On 1 October 2013 Steve Maijoor, the European Securities and Markets Authority (ESMA) Chair delivered a speech at the BWF/ICMA Capital Markets Conference. Mr Maijoor indicated that there will be no delay to the reporting date for Exchange Traded Derivatives (ETDs) since ESMA will provide some questions and answers on ETD reporting prior to the […]
EMIR Futures Reporting- no delay shock
In a surprise move, the EC announced yesterday that it will not take ESMA’s advice, counselling a one year delay to the start of futures reporting under EMIR. Full reporting for exchange-traded derivatives will begin in January 2014 as per the original timetable. Risk quotes EC EMIR tsar Patrick Pearson,”The decision has been taken that […]
ESMA anoints US/Japan as unequivocally equivalent (well, almost)
3rd September 2013. ESMA published its latest advice to the European Commission with respect to extra-territorial equivalence with EMIR. The advice covers: central clearing, reporting, CCPs, trade repositories and non-financial counterparties, as well as risk mitigation techniques for uncleared trades. The advice is as follows: US – equivalent in all of the above Japan – equivalent for […]
EMIR: Ready to Report?
Introduction The EMIR reporting obligation requires that certain information regarding the execution, modification or termination of any OTC or exchanged traded derivative contract is reported to a trade repository no later than one working day following the relevant event[1]. The European Securities and Markets Authority (ESMA) recently confirmed that the EMIR reporting obligation will commence […]
Single Trade Repository on the Way?
On 12 August 2013, the Committee on Payment and Settlement Systems and the International Organization of Securities Commissions published its report on Authorities’ Access to Trade Repository Data. Whilst primarily designed to provide guidance to trade repositories (TRs) and authorities on access to TR-held OTC derivatives transaction data, the report again raises the idea of […]
ESMA Proposes Delay to EMIR ETD Reporting
A few weeks ago, we brought you early reports that indicated European Securities Markets Authority (ESMA) would postpone the start date for trade reporting exchange-traded derivatives (ETDs) under EMIR to 1 January 2015. On 8 August, ESMA’s website confirmed this in a letter and Final Report to the European Commission. ESMA proposes an amendment to […]
EMIR Reporting: Industry Asks for More Time
On 31 July, five industry associations – the Alternative Investment Management Association (AIMA), the International Swaps and Derivatives Association (ISDA), the British Bankers’ Association (BBA), Associazione Italiana Intermediari Mobiliari (ASSOSIM) and the German Banking Industry Committee (DGSV) – wrote to the European Securities and Markets Authority (ESMA) regarding concerns about the implementation of trade reporting […]
EMIR – second Trade Reporting Delay Non-shock
Euroclear has confirmed the rumour of a delay in the enforcement of trade-reporting. In a statement which will surprise no-one, an ESMA spokesperson said that it will “most probably” (which we can read as “almost certainly”) delay the compliance deadline for ETD trade reporting by one year to January 2015. As usual, the devil is […]