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May 29, 2013

All about reporting | Risk.net

One of the major projects currently going on for all industry participants is Trade Reporting following EMIR mandate. Even if someone might think that US firms that already report under DF rules might be better prepared and few things are left to be built in order to fulfill EMIR reporting obligation as well, it seems that challenges are more than initially believed. Differences between DF rules and EMIR do not only relate to additional data required, as for example mtm data and collateral, but also to which entity does the reporting. Under EMIR a counterparty is able to report on its own, delegate the reporting to the other counterparty or to a third party but whatever the case may be, each counterparty of the trade is accountable and data have to be available and provided no matter what. Honestly? If Banks struggle to meet Reporting deadlines and decode EMIR fields with all the IDs & customer data included and the way they should be filled, depending on which side you are looking them at, I can't imagine how corporate customers will react should they decide to do the reporting on their own. More details on this topic here by Risk.net. Maria L.


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