Category: Trade Reporting
BaFin plays rough with EMIR
At a time where an unknown number of institutions covered by EMIR are still figuring out what LEI means, sitting on their hands as partners in crime with national regulators which are equally puzzled with enforcement of trade reporting obligations, BaFin shouts Eureka. Risk.net has published an article outlining the drastic solution put in place […]
ISDA Publishes Reporting Delegation Agreement
On 8 August 2014, ISDA published the ISDA Reporting Delegation Agreement (the “RDA”). The RDA is a bilateral standard form which allows market participants to comply with derivatives transaction reporting regimes by agreeing that one party (the “Reporting Delegate”) will report relevant data to a trade repository on behalf of the other party (the “Client”). […]
UTI problems? Call Dr. IOSCO
A dictionary definition of “unique” provides “being the only one of its kind”, neatly encapsulating the current problem with Unique Trade Identifiers (UTIs). Counterparties to the same trade are reporting UTIs, but each is unique, rendering the matching process impossible. It has been widely reported that as of mid-July[1], only a nugatory 3% of inter-repository […]
Welcome to the Masquerade
Tomorrow, 30 July 2014, marks the expiry of CFTC No-Action Letter 13-41[1]. The letter granted a one year extension, with modification, to Letter 12-46 permitting Part 20 reporting parties to mask identifying information for trades affected by 3rd country privacy laws. Penalties for privacy infringement vary by country ranging from a 500,000 yuan in the […]
OCR KO’d for now
The CFTC has issued a no-action letter providing time-limited relief for compliance with the Ownership and Control Reporting (OCR) Final Rule. The OCR Final Rule was published in the Federal Register on 18 November 2013, obliging full compliance by 15 August 2014. The rule updates three existing forms and introduces two new, imposing additional trader […]
MAS publishes draft regulations for reporting FX
On 9 July 2014, the Monetary Authority of Singapore (MAS) published a Consultation Paper on “Draft Regulations for Reporting of Foreign Exchange Derivatives Contracts”. Regulations on interest rate and credit derivatives were issued previously, with a reporting commencement date ranging from 1st April 2014 to 1st October 2015. The draft regulations now aim to cover […]
ISDA Looks to Broaden Scope of Reporting Delegation Agreement
The ISDA/FOA EMIR Reporting Delegation Agreement (the “EMIR Agreement”) was published on 13 January 2014. It was designed to help market participants meet their reporting obligations under EMIR by providing a bilateral standard form agreement between a client and a reporting delegate pursuant to which relevant data could be reported to a trade repository (“TR”). […]
FCA Shares Reporting Advice with Clearing Members of CCPs under EMIR
On 30 June 2014, the FCA shared the reporting advice it had been providing to Authorised firms who are also Clearing Members of an authorised or recognised CCP under EMIR. The FCA adopts a proactive approach by advising these firms that under EMIR, the CCPs need to be made aware of the following for reporting purposes: […]
TR fines enter into force
On 22 June 2014 a delegated Regulation supplementing article 64(7) of EMIR[1] – stipulating ESMA’s powers to impose fines and penalties on Trade Repositories (TRs), as outlined here – entered into force. This follows its publication in the Official Journal of the EU (19 June 2014). This marks the final stage in the implementation of […]
Water,water, everywhere ; Nor any drop to drink
Like the dehydrated Ancient Mariner adrift in the ocean, regulators are surrounded by data, but are unable to use it. Mandatory trade reporting under Dodd-Frank and EMIR has been painful, expensive and problematic. Even in the context of lacklustre LEI uptake, the EMIR February 2014 reporting explosion saw trade repositories overwhelmed. Regulators recognise that overall […]