Regulatory reporting changes in Europe are about to shake-up existing trading systems and workflows
Derivatives traders are facing new and tighter deadlines for
reporting trades, which will impact the rest of their
post-trade processing, writes Dan Barnes.
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
Review and change
"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."
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