This Wednesday sees the “big bang” Go Live of EMIR Reporting of Trades. The entire European derivatives market is preparing for “cutover” as all derivatives trades must be reported to one of the 6 approved Trade Repositories from the 12th.
Reports from the market do not necessarily indicate that things are running smoothly, and this applies even more so to those in the energy trading industry.
Outstanding items such as UTIs, ETDs, and more importantly how several types of commodity trade really should be represented remain unanswered, and so the approach that is recommended by many is to send what you have. This is likely to lead to a great deal of detail being fleshed out once the two sides of the trade get reconciled and do not match, which will make for an eventful few weeks ahead.
In the meantime, there are many who still need to open the correct accounts with TRs, and also to get LEIs for their various entities. Different TRs have different account requirement, with some needing a new account for production (as opposed to test) and some needing a different third party account.
If you have not yet carried out the appropriate registration, there is no time to lose, with less than 48 hours to go.