Requirements for trade reporting require new workflows for traders in the energy and financial markets, finds Dan Barnes.
Derivatives traders are facing new and tighter deadlines for
reporting trades, which will impact the rest of their
post-trade processing. From September 23, the European and
Markets Infrastructure Regulation (Emir) will demand that
credit and interest rate derivative trades are reported to a
trade repository or to the European Securities and Markets
Authority, with other financial derivatives being reported from
January 1 2014. Reporting of energy derivatives to the Agency
for the Cooperation of Energy Regulators (ACER) is expected to
start in January 2014.
"There certainly is some time pressure," says Joe
Halberstadt, Head of FX and Derivatives Markets at interbank
messaging network, SWIFT. "Interest rate or credit derivative
traders have to be reporting by September. FX derivative
traders might have till January but that's still not far away.
They do have quite a number of challenges to get over."
The expansion of required data, tightening of existing
timeframes and the introduction of new reporting schedules is
pushing trading firms towards a review of their existing
post-trade technology. In designing the reporting system there
are several issues to take into account.
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