Reporting Start Date + 1 | What’s The Status of Trade Reporting?
One day after mandatory trade reporting under EMIR went live let's take a look at how it's going…
Looking back at the last couple of days and my conversations with market participants formed a picture in my mind of the current state of trade reporting to trade repositories (TRs) under EMIR.
To structure my thoughts let's have a look at three kinds of market participants:
- The "no-probs"
- The "bloody ITs"
- The "laggards"
This kind of market participants have had no problem to report their trade data to their chosen trade repository. Some even started earlier than Feb 12. "No-probs" include large and small institutions alike and also different TRs they report to. A combination of an early start together with thorough testing seems to have done the trick.
The "bloody ITs"
Some of these market participants would have loved to report as they were ready internally but could not report as production environment setups at the chosen TR seems to have gone haywire.
Others had difficulties internally with things like extracts, required hot fixes and other internal IT challenges. Others again, who are using third parties, found that with additional interfaces additional complexity is being brought in. 'nuff said…
Not by choice there are a number of market participants who are not reporting yet – some because they have no LEI yet, some because their software provider has not provided the required reporting functionality, others again because they simply started late.
The bottom line though is: reporting has commenced, no major IT meltdowns (especially on behalf of the TRs) were registered (sorry for the pun) and things are progressing step by step. 3 – 6 months down the line I expect reporting to be fairly smooth for most participants. And I also expect that the major headaches that are still outstanding (think UTI, LEI, etc.) will have been sorted out.
I am truly interested in your story of Feb 12 – which group do you feel you belong to and what's your story? Please share it.