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ESMA defiant over OTC trade reporting guidance 

June 27, 2014
Elliott Holley, Banking Technology

The European Securities and Markets Authority has disputed claims that it should be doing more to help financial institutions connect with trade repositories, following complaints that the regulator has not allowed enough time, has issued key specifications at the last minute, and is now scaling back its involvement with the job unfinished.

On 12 February, the trade reporting deadline for OTC derivatives trades came into effect under EMIR. However, major questions remained unanswered right up until the deadline, including the definition of product identifiers, the standards for LEIs and how unique trade identifiers should work. Then at around 1700 on 11 February an updated Q&A was released by ESMA – an incident that has created much bad blood between the industry and the regulator.

Read More: Banking Technology

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