The European Securities and Markets Authority (ESMA) has approved today the registrations of the first four trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR).

This triggers the 90-day period, which starts on November 14th, at which end mandatory reporting to the approved trade repositories will commence – on February, 12th 2014!!!

The following entities are registered as TRs for the European Union (EU):

• DTCC Derivatives Repository Ltd. (DDRL), based in the United Kingdom;
• Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW), based in Poland;
• Regis-TR S.A., based in Luxembourg; and
• UnaVista Ltd, based in the United Kingdom.

This press release follows hot on the heels of the European Commission's (EC) refusal to conform with the draft implementing technical standard submitted earlier this year by ESMA. A Reuters article quotes from a letter:

"I would like to inform you of the European Commission's intention to reject the draft implementing technical standard submitted by ESMA," Jonathan Faull, a senior commission official wrote to ESMA in a letter dated November 7 seen by Reuters.

So, welcome to your last 3 months to get your reporting in order – and not only for OTC – no, no, no – for ETD as well. Where politicians in Brussels and the regulator have now put the machinery in motion, the same cannot be said for all relevant details that need to be reported – I only say UTI, UPI, ETD reporting.

Welcome to the European trade reporting hell…