Regulatory Reporting
- We report on your behalf the daily transaction reports to a Trade Repository, seamlessly providing you the tool to monitor the accuracy and the execution of the reports delivered.
- We optimize the way to report in order to minimize reporting costs for you
- We provide the tools for direct access to the Trade Repository.
- Our solution support full automation to ensure a seamless reporting
EMIR (European Markets Infrastructure Regulation) mandates financial institutions reporting of all derivatives contracts such OTC derivatives and exchange traded derivatives (ETDs) to Trade Repositories (“TRs”).
Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories entered in force on 16 August 2012.
Since 29th April 2024, EMIR REFIT in the EU applies and results in a greater complexity in reporting as so far. Besides technical changes (like e.g. the use of XML format or additional technical rules), the number of reportable fields expanded to 203 (from 129) and newly Instruments need a Unique Product Identifier (UPI) to be reported. Further UTI shave to match and financial institutions have to perform reconciliation and proceed with notifications to the relevant competent authority in case of any misreporting or significant issues.
In the UK, EMIR Refit is to come into force as per 30th September 2024, with minor changes compared to EU.
- Comprehensive matching and reconciliation
- LEI and trade detail enrichment from static data
- Comprehensive field, data and entity mapping capability
- Connectivity and support for multiple TRs on a cross-asset class basis
- Single and dual sided reporting models
- Powerful reconciliation engine that assists in reconciling raw data with TR-reported data
The most important aim of EMIR is to increase the transparency of the over the counter (OTC) derivatives market and exchange traded derivatives, so that the EU with the help of European Securities and Markets Authority (ESMA) to have a clear view about the turnover, participants and any possible market manipulation. Another objective is to reduce the number of the counterparties involved and reduce the operational risk for market participants.
Trade Repositories collect centrally and maintain the records of all derivative contracts traded by the market participants with the aim to increase transparency of derivative markets and financial stability.
EMIR is an obligation for eligible reporting entity as per ESMA and FCA regulations
Financial Counterparties (“FCs”) and Non-Financial Counterparties (“NFCs”)
Such OTC derivatives and exchange traded derivatives (ETDs), such as Options, futures, swaps, CFDs, forward rate agreements.