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February 6, 2014

Weekly Roundup | Post-Trade Processing | 6 February 2014

A Guide to the EMIR Trade Reporting Obligations – Part 3 (the final countdown)

I really can’t believe we are just a fortnight away from EMIR Reporting go-live date. It feels like time has flown since my last post on the 18th December on this very topic (You may find EMIR Trade Reporting Part 2 here and Part 1 here). The OTC Space: A Guide to the EMIR Trade Reporting Obligations – Part 3 (the final countdown).

 

Global LEIs: A 'Virtual' Turn of Events?

With little information emerging from the Regulatory Oversight Committee (ROC) on how a central operating unit (COU) would work as part of a global initiative for new identification codes for business entities, market consensus appears to have emerged suggesting a virtual model for data distribution is the best way to move forward. FinOps Report: Global LEIs: A 'Virtual' Turn of Events?

 

EBA to Mandate LEI: But Key Questions Remain Unanswered

In late October, the European Banking Authority (EBA) released a consultation on the use of the Legal Entity Identifier (LEI) for CRD IV’s risk reporting requirements. RegTechFS: EBA to Mandate LEI: But Key Questions Remain Unanswered.

 

EMIR Trade Reporting Conundrum

With the EMIR trade reporting deadline of 12th February almost upon us, I find it slightly unsettling that I'm still hearing rumblings of "will they extend the deadline…?" from all sorts of market participants. FinExtra: EMIR Trade Reporting Conundrum.

 

ISDA Publishes EMIR Delegated Reporting Agreement

On 13 January 2014, ISDA and the FOA published their jointly drafted ISDA/FOA EMIR Reporting Delegation Agreement (the "Agreement"), designed to help market participants meet their obligations under Article 9 of EMIR by providing a bilateral standard form contract which can be used to document delegated reporting arrangements.

 

Swords Drawn Over ISDA/FOA Delegated Reporting Agreement

During an AIMA briefing on EMIR reporting held on 16 January 2013, the recently published ISDA/FOA EMIR Reporting Delegation Agreement was panned by buy-side firms, their advisors and representatives of the CME. Regulatory Reform: Swords Drawn Over ISDA/FOA Delegated Reporting Agreement.

 

Upgrade Needed to ISDA/FOA Reporting Delegation Agreement?

To date, much of the discussion surrounding the ISDA/FOA Reporting Delegation Agreement has focused on whether the document is balanced in its allocation of risk between sell-side and buy-side. Regulatory Reform: Upgrade Needed to ISDA/FOA Reporting Delegation Agreement?

 

Delegation's What You Need: EMIR Reporting for SPVs

European Market Infrastructure Regulation (EMIR) has been in force since 16 August 2012. It is concerned with improving the transparency of, and reducing the risks associated with, the derivatives market. The requirements imposed by EMIR have wide-ranging consequences for entities engaged in OTC derivative contracts in the European Economic Area. There are three key sets of provisions taking effect on a phased basis – central clearing of certain contracts, risk mitigation techniques in respect of non-centrally cleared contracts and reporting of all derivative contracts. Reed Smith: Delegation's What You Need: EMIR Reporting for SPVs.

 

EMIR Delegated Reporting: Who's In, Who's Out?

Risk Magazine has published a helpful article confirming which firms amongst the dealer community are, and are not, providing delegated reporting services under EMIR.

 

EMIR: One Little Number Can Make or Break Reporting

With the European regulatory requirements for reporting exchange-traded and over-the-counter swap transactions less than a month away, fund managers can't afford a leap of faith that they will be ready, warn regulatory and operations experts. FinOps Report: EMIR: One Little Number Can Make or Break Reporting.

 

20 Days to GLERT Day- How Are We Expected to Report Commodity Trades With These Fields?

In 20 days' time, the Go Live for EMIR Trade Reporting Day (GLERT) will be with us. And yet, at this stage, there is still a huge amount of confusion about how to report commodity trades under EMIR, amongst other things. CTRM Center: 20 Days to GLERT Day- How Are We Expected to Report Commodity Trades With These Fields?

 

Putting EMIR into Context and What Will Follow Next?

Treasury Peer met with Nicolas Boatwright at REGIS-TR, part of Clearstream, to make sense of EMIR. Nicolas is currently busy supporting the corporate community to set-up their reporting of OTC derivatives to a trade repository. Treasury Peer: Putting EMIR into Context and What Will Follow Next?

 

Bottleneck in Buy-Side Reporting Feared

Already burdened by the sheer volume of information to be reported under Emir, hedge funds have postponed decisions on whether to delegate the role leading to predictions of onboarding bottlenecks at trade repositories. Risk: Bottleneck in Buy-Side Reporting Feared.

 

Reconciling Across TRs | TriResolve Have an Approach

One of the deferred problems with the EMIR approach to Trade Reporting is post Feb 12th when ESMA requires all the TRs to attempt to match the submissions in a multi-lateral mashup. The OTC Space: Reconciling Across TRs | TriResolve Have an Approach.

 

FX Trade Reporting: What a Difference a Day Makes

With the EMIR trade reporting deadline only three weeks away, you might be forgiven for expecting that there is now absolute clarity on which trades are covered by the mandate, and that all participants have prepared their trade reporting solutions accordingly. Rule Financial: FX Trade Reporting: What a Difference a Day Makes.

 

Further Light Shed on EMIR Trade Reporting?

Law firm Simmons & Simmons has provided an interesting update on EMIR reporting obligations for fund managers. Regulatory Reform: Further Light Shed on EMIR Trade Reporting?

 

2 Weeks to GLERT – Do We Now Have All the Answers?

In two weeks' time, the Go Live for EMIR Reporting of Trades will be upon us. CTRM Center: 2 Weeks to GLERT – Do We Now Have All the Answers?

 

9 days 'til EMIR Reporting Go-Live: Where Are You Now?

JWG analysis. With 9 working days to go before compulsory reporting of derivatives trades becomes a daily reality, firms are in the final phases of implementing their individual solutions. RegTechFS: 9 days 'til EMIR Reporting Go-Live: Where Are You Now?

 

A Consolidated Source of LEI Data from p-LEI.org | Wilmington Hits the Map

The need for firms reporting derivatives to make use of a Legal Entity Identifier is driving the emergence of a federated network of national issuers. The OTC Space: A Consolidated Source of LEI Data from p-LEI.org | Wilmington Hits the Map.

 

Many Firms Will Not Meet Emir Reporting Deadline, Says Isda's Pickel

Market participants relying on regulatory forbearance, Isda chief executive tells legal conference. Risk: Many Firms Will Not Meet Emir Reporting Deadline, Says Isda's Pickel.

 

Corporates Held Up as Start of Emir Reporting Looms

With days left until derivatives reporting rules take effect in Europe, corporates still have work to do – and they say it’s not all their own fault. Some are still waiting on banks to provide trade identifiers, while others say they have been held back by slow-moving regulators. Risk: Corporates Held Up as Start of Emir Reporting Looms.

 

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