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EMIR trade reporting “untrustworthy, incomplete and flawed” 

February 17, 2014
Elliott Holley, Banking Technology

Europe’s trade repositories have reported a largely smooth transition, following the deadline under EMIR on 12 February – but behind the scenes deep questions remain about the viability of the European Commission’s ambitious derivatives reform.

EMIR is the European response to the G20 agreement drawn up in Pittsburgh in 2009. The rules essentially state that OTC derivatives must be centrally reported and cleared wherever possible, and traded on an exchange if there is sufficient liquidity.

On the surface, all seemed to go well on 12 February. CME Group reported that the day went well at its European Trade Repository, which received trades from all asset classes, beginning on Tuesday evening. Markit began reporting OTC derivative trades in rates, credit and equities under EMIR using its MarkitServ platform earlier this month, while IntercontinentalExchange, which also runs a trade repository, reported a similar experience.

Read more: Banking Technology

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