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EMIR reporting falls short 

April 4, 2014
Helen Bartholomew, IFR Asia

Market participants are in a state of confusion because of the broad scope of Europe’s mandate for reporting over-the-counter swaps transactions to data repositories.

This is threatening to undermine the original G20 commitment to bring safety and transparency to the financial system, according to some infrastructure providers.

“The message to regulators is to get a move on. We’re six years in now and if you haven’t got to a stage where you’ve got 100% capture, then you’re not achieving your goal,” said David Mercer, CEO of FX exchange LMAX, speaking at the City Week International Financial Services Forum in London this week.

“The major repositories have said that most counterparties are putting data into trade repositories, but the whole point is that you must capture 100% of trades and users for central banks to have a view of systemic risk.”

Read more: IFR Asia

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