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 reporting obligation start date if the European Commission does not endorse the delay as per their announcement last week (see this blog for more details).
Just a few days earlier ESMA confirmed its position in a press article referenced in the Futures and Options Association (FOA) newsletter on 30 September 2013. ESMA reported that “there has been no change in ESMA’s position on this: ESMA continues to consider necessary to delay the ETD reporting date until January 2015, as stated in the proposed Implementing Technical Standard submitted for endorsement to the European Commission on 6 August 2013”. ESMA added that “it is key to get accurate and aligned on this important issue. Rumours are always counterproductive.”
If the European Commission does decide to stick to the original deadline of January 2014, meeting this deadline may prove to be a significant challenge for many firms, and some will simply not be ready.Contact Us