Some companies are still struggling to comply with the new reporting requirements for derivatives trades in Europe under the European Market Infrastructure Regulation (EMIR), even though a month has passed since the Feb. 12 deadline.
Companies ran into various problems as they prepared to report trades. Some companies encountered delays in getting the legal entity identifier (LEI) they need to start complying with EMIR or in registering with the trade repositories to which they will report their derivatives trades. Even after companies registered with repositories, some experienced technical problems related to the messages used to notify repositories of their trades.
The problems seem to have stemmed from the relatively short amount of time companies had to meet the EMIR deadline and the pressure the compressed timeframe placed on providers like trade repositories.
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
