JWG analysis. With the 12 February EMIR trade reporting deadline just around the corner, the atmosphere in the derivatives industry suggests just as much turmoil as ever. Issues surrounding LEI registration, UTI reconciliation and trade repository affiliations persist as the rush to comply with mandatory reporting rules begins.  The industry is still grappling with issues that


By Conor Foley, Hume Brophy.  This alert summarises the key provisions of the proposed Regulation on structural measures improving resilience of EU credit institutions (SBR proposal) and the proposed Regulation on reporting and transparency of securities financing transactions (TSFT proposal). Both proposals were published on 29 January by the European Commission and follow the 2012


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.  These differ from firm-to-firm, for example some are planning to report in real-time (as in the US), while others plan to report later within the T+1


This time next year, the market is going to be a very different place.  No-one knows the complete, consolidated impact of regulation on the market, and many of the parts are still in motion, but the core structure is starting to take shape. In Europe, our research tells us that most institutions are opening 2014


Working late into Tuesday night, European lawmakers concluded a compromise over the new Markets in Financial Instruments Directive (MiFID II).  The final text has not yet been made public, and is not expected for several days.  However, some details have emerged. Concessions had to be made on both sides, with the Parliament advocating for robust


Trade reporting for EMIR begins in February 2014 and firms are beginning to register their entities (and their clients) for LEIs in order to meet the deadline. However, registration volumes are set to increase as the EBA’s recent consultation paper indicates that the LEI will be used for CRD IV risk reporting, significantly expanding the


Newsflash: ESMA and EC EMIR reporting update

By: Sam Tyfield Just in time for your holiday, December has seen a cascade of reporting work from ESMA and the EU Commission on EMIR. On December 20, 2014, ESMA release an updated Q&A on EMIR.  Specifically on ETD reporting, see towards the bottom of the page at the link here (I have cut and pasted the relevant paragraphs below,


On 6 August, ESMA updated its Q&A guidance on the implementation of EMIR (read here).  Firms should pay particular attention to these Q&As as they have been known to overturn some common assumptions in the past, and this edition is no exception.  In particular, the new answers spell bad news for the future cost of


Counterparty classification regimes, such as CRD IV and EMIR, give banks a good reason to centralise their reference data, and the BCBS’ Risk Data Aggregation Principles provide a clear framework for doing so. From 1 January 2014, under CRD IV, firms will need to calculate CVA and hold additional capital on all derivatives contracts.  However,


It is common knowledge that the central clearing and risk mitigation requirements apply to any third country firm trading with an EU entity.  However, it may come as a surprise that these requirements can also apply to trades purely between two third country entities where such trades have a ‘direct, substantial and foreseeable effect with