The short timeframe for reporting compliance will leave many caught short, says Dan Barnes.
Too few firms, predominantly buy-side, have registered for
legal entity identifiers (LEIs), codes they will need to report
derivatives trades, under the European Markets Infrastructure
Regulation (EMIR) from 12 February 2014. If businesses are
unable to report trades they are leaving themselves open to
"There is a definite feeling that many firms, not just buy-side
firms, will not be ready for the 12 February reporting
deadline," says Wesley Lund, associate director at hedge fund
trade body the Alternative Asset Management Association (AIMA).
"The amount of knowledge that is out there not great, there is
continued uncertainty around certain areas of EMIR, some of
which have only recently been clarified, and the sheer volume
of work that funds need to carry out in order to get set up
with a trade repository (TR) is sizeable."
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