What is EMIR?

The European Market Infrastructure Regulation (EMIR) is an extensive set of requirements from the European Securities and Markets Authority (ESMA).

The regulation aims to improve transparency and reduce risks in derivatives markets.

Firms trading derivatives (financial and non-financial) must report details of all financial derivatives contracts to ESMA via a Trade Repository. This includes over-the-counter and exchange-traded derivatives.

Read our EMIR insights:  FCA’s latest fine shows importance of robust testing and controls

Robust testing and controls for full EMIR compliance

Our ReportShield™ quality assurance service provides everything you need to be compliant with EMIR including:

  • Testing of all EMIR open positions at the Trade Repository
  • Checking and mapping of all client identifiers
  • Advanced reconciliations between a primary trading system and records held at the Trade Repository
  • Checking that all delegated reporting has been reported accurately and completely
  • Complete governance framework.

We can also provide expertise in a range of areas including remediation and selecting a trade repository.

Are you fully compliant with EMIR?

We are helping a number of firms ensure their EMIR reporting is accurate and complete. Contact us for a chat about your challenges and find out how we can help.

A new reporting landscape

In 2007, MiFID I changed the reporting landscape but that change pales into insignificance when we consider the seismic changes brought by MiFID II.

Early investment in MiFID II assurance activities will provide cost savings as well as reducing your regulatory risk.

Testing and reconciliations are mandatory under Article 15 of RTS 22 and the regulator has made it clear that data quality will be of the utmost importance.

Everything you need for MiFID II

We’ve tailored our ReportShield™ services to address MiFID II’s complex requirements and get you on the front foot:

  • Iterative accuracy testing of MiFID II reporting functionality
  • Advanced reconciliations on each platform/asset class to ensure completeness
  • Implementation of a control/governance framework
  • Client and instrument data testing using our reference data testing service
  • Subject matter expert support on programme design and implementation
  • Evaluation of vendor solutions including ARM selection and the required due diligence
  • CPD-accredited training on the new reporting requirements bespoke to your firm

Is your MiFID II reporting accurate and complete? 

We are helping a number of clients put the right controls in place to ensure they are compliant with RTS 22, Article 15

Contact us for a complementary consultation on your MiFID II reporting requirements.

What is DFA?

The Dodd Frank Act (DFA) is aimed at improving transparency and reducing risks in derivative markets. It is a wide-ranging package of obligations on firms based in US and in other jurisdictions relating to their internal and external business conduct, including reporting.

What do you have to report?

Firms trading derivatives must report details of swaps to the Commodities and Futures Commission (CFTC) and in the near future, to the Securities and Exchange Commission (SEC) via a Trade Repository.  This includes the primary economic terms and any event that affects the valuations or terms of the contract (Part 45) to allow regulators monitor systemic risk. There is also an obligation on firms to report in real-time to provide transparency on pricing to the market.

Like EMIR, DFA covers over-the-counter derivatives but unlike EMIR it excludes exchange-traded derivatives.

A full suite of controls for DFA reporting compliance

Our ReportShield™ quality assurance service gives you the ability to demonstrate appropriate control over your reporting obligations.  Features of the service include: 

  • Accuracy (correctness) testing of all DFA open positions at the Trade Repository
  • Full governance structure, policy documentation, guidance and training for staff on the reporting obligation
  • Completeness, validity and accuracy of reporting for part 43, 45 and 46
  • Cross-regulation testing to ensure consistency with other regimes
  • All client identifiers checked for appropriateness for the regulation and properly mapped
  • Application of an advanced reconciliation between a primary trading system and the records held at the Trade Repository
  • Validation that firms are classifying their clients and counterparties correctly in terms of US persons and regulatory status ie. swap dealer, non-swap dealer etc…

Ensure your Dodd Frank reporting is accurate and complete

Firms are increasingly being asked by the CFTC to evidence effective, comprehensive controls mapped back to the obligations.

Contact us to discuss your DFA reporting challenges and find out how we can help.

Quality assurance for all G20 reporting obligations

Beyond EMIR, MIFID II and DFA, you may also face the challenge of reporting under other G20 regimes such as HKMA, MAS and Canadian reporting (to name a few).

Our testing has been developed for multiple regulatory regimes so you can be sure your reporting is correct no matter what the international regulation.

We are here to help. Contact us to discuss your international reporting challenges. 

Contact us