Press Release EMIRate

Press release concerning the EMIRate platform in English and German.

ESMA publishes updated Q&A document

On June 4, 2013, ESMA published the second edition of its Q & A document from March 2013 which provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR. Certainly a very useful and widely appreciated document. The following areas are covered in detail with regard to both financial and non-financial counterparties (corporations) and their reporting obligations:

  • Reporting of outstanding positions following the entry into force of EMIR (backloading)
  • Reporting to Trade Repositories / avoidance of duplication / delegation
  • Interim Legal Entity Identifier (LEI)
  • More clarity regarding transaction scenarios (e.g. A trades with B, B trades with C, etc.)

Questions & Answers document related to EMIR, published by ESMA on June 4, 2013. Update of the first Q&A document published by ESMA on March 20, 2013.

EMIR reporting and UTC date/time format compliance

ESMA requires date and time information - as part of the forthcoming reporting requirements for derivatives - to be compliant with UTC standards.

UTC stands for Coordinated Universal Time, as a "successor" for GMT. We wonder whether (and which) systems and applications can already support UTC format. EMIRate will do.

EMIR debate Nov 2012 (video recording) in the German Parliament

This is a quite informative video recording of the first consultation of the draft implementing law to Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR Implementation Act). 
The debate is in German, was opened by Ralph Brinkhaus and provides an excellent overview of the motivation for the EMIR regulation.

Read more ...

EMIR: Indicative reporting timeline updated by ESMA

ESMA issued an updated timeline (indicative) on May 22, 2013. 
Emphasis is placed on the fact of the Trade Repository (TR) registration process and the impact on the earliest reporting start dates. ESMA itself doubts the indicative reporting start date due to the delayed registration process for trade repositories. Currently we are aware of seven trade repositories which have announced their interest in becoming authorized by ESMA!

files/emirate/images/EMIR indicative timeline 22-May-2013.png

Are you ready for reporting to TR?

According to EMIR legislation, Sep 23, 2013 has been tentatively defined as the starting date for the first wave of reporting requirements. Interest rate and credit derivatives must be reported to a TR. What are the main concerns in order to comply with this deadline? What difficulties are you already aware from an implementation point of view?

Potential TR candidates

Entities must apply to ESMA and be registered or recognized by ESMA as a TR in order for firms to be able to use them to meet the reporting obligation under EMIR. Below is a list of entities which have publicly announced their intention to seek registration or recognition as a TR from ESMA:

Please note that the order of the entities and the list itself do not constitute any form of endorsement!

EMIR Threshold Notification for Corporates

When EMIR came into force in mid March 2013, one of the first obligations for NFCs (non-financial counterparties) was to notify their respective national authorities (for EMIR) and ESMA about the clearing thresholds, i.e. corporates have to report whether they exceed the clearing threshold as of March 15, or fall below it.

Read more ...