From 11 August, additional reporting obligations for collateral and valuation apply for phase two of the European Market Infrastructure Regulation (EMIR).
The second phase of EMIR is for all over-the-counter asset classes and exchange traded derivatives who will now be required to report their daily market position and collateral values to the appropriate trade repositories.
Ian McLelland, CEO of the European Trade Repository for the Depository Trust & Clearing Corporation, said they had been working with clients to ensure a smooth transition into the new requirements.
He said: “To ensure a smooth launch for EMIR’s collateral and valuation reporting, we worked very closely with our client base for many months, enabling them to test capabilities in [user acceptance testing] several weeks in advance of the August 11 deadline.”
“The new [Global Trade Repository (GTR)] collateral and valuation capabilities have been live for over a week, and we have seen a large number of customers starting to report to us well in advance of the compliance deadline.”
“We are observing millions of additional reports to our GTR service as a result of the new reporting requirement, and we are processing this additional data without issue. We will be reporting this data to [the European Securities and Market Authority] and the [National Competent Authorities] on a daily basis beginning this week.”
