On 26 November the Bank of England launched a consultation on the application of European rules on trade reporting. The proposal relates to changes to the framework under the UK version of the European Markets Infrastructure Regulation (UK EMIR). Kaizen’s Tim Hartley, Director of EMIR reporting, spoke to Global Investor Group on the matter.
“The FCA and Bank of England have done the sensible thing because the changes they have announced are very much in line with the changes announced by ESMA last year, and that has been done deliberately. That is primarily because all the changes for derivatives reporting are trying to be aligned with the CPMI IOSCO CDE standards.
There will be significant benefits in the long term but there are changes to be made across regions that means two separate systems which may diverge over time, but the good news is that for the moment they are substantively the same.”
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