ESMA are you there? Trade Repositories are calling | Risk.net
According to Risk's article on Repositories asking for ESMA's help, repository executives, at the annual conference of the Association of Corporate Treasurers in Glasgow yesterday, were quoted saying that "the number of trades that could be matched was still very, very low where counterparties have chosen to send their side of the transaction report to different venues". This comes in contradiction with ESMA's market integrity officer, Olga Petrenko, who said that "the experience so far was satisfactory rather than the other way around", just a month ago at the annual meeting of the International Swaps and Derivatives Association (ISDA) in Munich.
Risk: …The problem stems from a general lack of readiness by market participants – particularly non-financial corporates, but also the banks and repositories on which they were relying. In their defence, derivatives users say regulators failed to give clear guidance on some elements of the regime and did not leave enough time for them to comply. The approval of the first TRs in November triggered a 90-day countdown to the reporting compliance date……
Too early for judgement?