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Here We Go….

You had been warned and told. Now you have just three months to be ready even if that means you have to be dragged kicking and screaming to reporting deadline. Yesterday, ESMA approved the registrations of the first four Trade Repositories (TRs) for EMIR trade reporting. They are;

– 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.

The registrations will take effect on 14 November 2013, with the reporting obligation beginning on 12 February 2014, i.e. 90 calendar days after the official registration date according to the official ESMA press announcement. All asset classes including commodities are included.

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As if that wasn’t enough, earlier in the day the EU rejected the draft implementing technical standard submitted by ESMA. What this means is that reporting will begin on 12-February 2014 for transactions executed on as well as off exchanges. Additionally, backloading will need to take place from the date that EMIR came into force up to the 12th February.

So, there you have it. Here we go….

You now have little more then 3-months to prepare for trade reporting and there are risks for getting it wrong including fines for misreporting.

Almost overnight, two new classes of software have been creates – the TR and the reporting service. You may find providers of both in the CTRMCenter Directory. You can also find our report – European Commodity Market Regulations sponsored by TriOptima and co-written with ETR Advisory, useful. An update of this report will be issued on the 13th November.