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Korea Clearing Structure in Question After HanMag Trading Error

By Viren Vaghela
Published March 5, 2014 Asia Risk

Regulators’ mixed messages on the requirement of legal entity identifiers (LEIs) for trade reporting are believed to be behind weak adoption of the 20-digit identity code.

The European Securities Market Authority (ESMA) has said the LEI or pre-LEI is not specifically required under the European market infrastructure regulation (EMIR), but the UK's Financial Conduct Authority has interpreted it differently, saying it may take a harsher line when counterparties do not comply with the LEI requirement.

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DTCC Backlog Leaves Corporates Unable to Comply with Emir

By Fiona Maxwell
Published February 20, 2014 Risk

Corporates say backlogs at the Depository Trust & Clearing Corporation's (DTCC) European trade repository have forced them to stop trading in order to avoid breaching derivatives reporting rules that took effect on February 12.

Pedro Madeira, assistant treasurer at UK airline operator Heathrow Limited, says the company was unable to report new trades or backload old ones last week, despite registering itself before the end of January – a process the DTCC claimed would allow connection within 24 hours. Heathrow has been able to instruct three of its 27 banks to report on its behalf – so-called delegated reporting – but because it would only be able to trade with this handful of institutions it has called a halt to new over-the-counter transactions, Madeira says.

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UK and French Regulators Warn on Reporting Rules

By Anish Puaar
Published February 12, 2014 Financial News

The Financial Conduct Authority has added its voice to a chorus of warnings that overlapping European rules on derivatives reporting will intensify the confusion market participants are already facing as a result of new reforms coming into force today.

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LEI Issuance Well Below Targets as EMIR Reporting Begins

By Fiona Maxwell
Published February 12, 2014 Risk

With derivatives trade reporting due to start today in Europe, only one of the nine European services issuing preliminary legal entity identifiers (LEIs) - a unique code required by all market participants - has met its anticipated targets. The other services have handled anything from 12% to 50% of their forecast demand, implying tens of thousands of firms are currently unable to report new trades or backload old ones.

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Companies Unclear on Europe Derivatives Trading Rules

By Sranya Kapur
Published February 11, 2014 Wall Street Journal

New reporting requirements for over-the-counter derivatives trades in Europe take effect on Wednesday, but companies are still uncertain about whether or not the regulation applies to them, according to a survey.

The European Market Infrastructure Regulation, known as EMIR, makes it mandatory for European and multinational companies to report over-the-counter and listed derivatives transactions with an EU-recognized trade repository.

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Bankers Fret as EMIR Deadline Approaches

By Liz Salecka
Published February 10, 2014 Financial News

Just as the dust was settling on the extension to the Single Euro Area Payments migration deadline, another EU regulatory deadline was in danger of being breached, giving rise to suggestions that it too could – or should – be moved.

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EU Rules to Light Up Derivatives Markets Set for Shaky Start

By Huw Jones
Published February 10, 2014 Reuters

New rules coming into force in Europe this week to shine more light on the $700 trillion derivatives markets will take years to produce a clearer picture of these complex products which were at the heart of the financial crisis.

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Corporates Held Up As Start of Emir Reporting Looms

By Fiona Maxwell
Published January 30, 2014 Risk

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European CCPs Overhaul Futures Margin Models

By Tom Osborn
Published January 28, 2014 Risk

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Many Firms Will Not Meet Emir Reporting Deadline, Says Isda's Pickel

By Tom Osborn
Published January 27, 2014 Risk

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