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Asia Set for Smooth Reporting Switch - DTCC

By Cian Burke
April 14, 2015, FOW

DTCC said the lessons learned from EMIR had aided the transition in Asia.

Asian markets are making a more orderly transition to new derivatives reporting regimes than their European peers, according to global trade repository the Depository Trust & Clearing Corporation (DTCC).

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Watchdogs Set to Attack as Trade Reporting Deadline Looms

By Jon Watkins
April 13, 2015, The Trade

Firms are scrambling to improve the accuracy and cost efficiency of trade reporting for buy-side firms by offering up new solutions.

The reporting of derivatives trades has become a mandatory requirement across Europe under the European Market Infrastructure Regulation (EMIR), and the first year of the new rules has been wrought with challenges. 

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Comment: The Treasurer: Creating Price Tension on the Derivatives Front

By David Renz
April 13, 2015, Banking Technology

After the latest round of bank stress tests last month, the Federal Reserve announced that, by and large, the nation’s biggest banks would all be able to withstand another crisis without requiring bailouts.

This month, Thomas Hoenig, vice chairman of the Federal Deposit Insurance Corporation, released data that contradict the Fed’s conclusions.

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Trade Reporting: A Costly Exercise

April 8, 2015, Markets Media

Faced with a wave of trade reporting regulations, capital markets firms are questioning whether it’s worth it to continue to adjust internal infrastructures — particularly with the availability of new alternatives, such as outsourced trade reporting services.

A large bank that makes 500,000 trades per month can expect to spend about $30 million to build an initial reporting system, plus $18 million per year to maintain it (including operations, testing, technical, remediation and business analysis resource costs), according to a report by Sapient Global Markets. Additional system build-out costs for Tier 2 banks to address Emir and other G20 rulesets are estimated at $45 million.

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EMIR Clearing Rules Set for Further Delays

By Chris Hall and Tim Cave
April 7, 2015, Financial News

European regulators are unlikely to force central clearing on the swaps market for at least another 12 months, according to industry experts, increasing pressure on the units established by banks since the crisis to handle an expected surge in demand for clearing services.

A requirement for standardised swaps to be cleared forms part of the European Market Infrastructure Regulation, or Emir, the region's response to a commitment by G20 countries in 2009 to reduce systemic risk in derivatives markets.

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ESMA To Centralize Reporting Data

By Joanna Wright
April 2, 2015, Waters Technology

Solutions will provide a central access point for regulators to data from European trade repositories.

The European Securities and Markets Authority (ESMA) has launched two major projects to centralize trade reporting under the Markets in Financial Instruments Directive/Regulation (MiFID/R) and the European Market Infrastructure Regulation (EMIR).

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Confusion Still Hinders European Derivatives Reporting Transparency

By John Brazier
March 30, 2015, Waters Technology

2014 was a year of teething problems for the European Securities and Market Authority (ESMA) after taking on supervision of trade repositories (TRs) for over-the-counter (OTC) derivatives trading under EMIR. One year on, concerns over data quality and reporting technologies are still presenting a much larger and persistent challenge.

The first year for European Market Infrastructure Regulation (EMIR) was described as “a period full of challenges” with “a lot of work [being] done to streamline the functioning of the process” by ESMA chair Steven Maijoor in an annual report released to review the progress made at the one year milestone in February.

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Sapient Global Markets Report Assesses Trade Reporting Compliance

March 27, 2015, Automated Trader

Sapient Global Markets, the provider of business technology and consulting services for the capital and commodity markets, has announced a new report examining the implementation and ongoing operational costs associated with over-the-counter (OTC) derivatives trade reporting.

The report, The Rising Cost of Trade Reporting: Can Firms Afford to Stay Compliant? scrutinizes firms' expenditure to the meet the Dodd Frank and EMIR compliance deadlines and the ongoing costs associated with supporting and amending reporting systems. It demonstrates how the piecemeal and siloed nature of many implementations has resulted in a lack of flexibility and extensibility to meet future requirements.

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Barclays Expects ‘Significant’ IT Cost Savings from SunGard Deal

By Laura Noonan
March 9, 2015, Financial Times

Barclays is handing over some of its post-trade processing and regulatory reporting obligations to SunGard, in a first-of-its kind deal that the IT service provider said would typically cut costs in the area by 20 per cent.

The news comes just days after Barclays’ chief executive Antony Jenkins warned he was losing patience with its poorly-performing investment bank and would make further cuts if profitability did not improve.

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ESMA Trade Reporting Standards “Could Decide” Future of Markets

By Elliott Holley
March 9, 2015, Banking Technology

The European Securities and Markets Association is consulting financial institutions on which messaging protocol and data formats would be best for trade reporting under MiFIR. As the timeframe for reporting comes ever closer to real-time, the consequences could be serious.

Under MiFID II and EMIR, a host of trade reporting obligations are being phased in, obliging capital markets participants to report derivatives transactions to a trade repository and to use central clearing wherever sufficient liquidity is available. The ESMA questionnaire deals specifically with the technical formats for MiFIR, the regulation arising from MiFID II. The regulator is looking for one (or more) particular solution(s) that could be considered as the future MiFIR reporting format for transaction reporting and instruments reference data.

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