EMIR Trade Reporting

EMIR trade reporting is a large and complex regulatory requirement that covers Exchange Traded Derivatives and Over the Counter derivatives.

 

Following the 2008 financial crisis, EMIR Reporting was implemented with the aim of increasing transparency over derivative trading. Firms have to report up to 129 reportable fields, making it one of the largest regulatory reporting requirements.

As a result of the scope and depth of EMIR reporting requirements, firms often struggle to implement their EMIR reporting in an accurate, valid and consistent manner, and are equally challenged by the frequent release of regulatory updates that mean significant changes are needed for existing reporting methods and practises.

EMIR Reporting – Focus on Data Quality

Recently ESMA and the National Competent Authorities (NCAs) have placed a far greater emphasis on the quality of data being reported to the trade repositories, causing many firms to review their existing reporting arrangements to ensure that they are fully compliant with EMIR. 

How Duff & Phelps Can Help

If you are facing regulatory action or require some independent and expert assurance that your current EMIR trade reporting arrangements meet the required standards, Duff & Phelps can offer expert reviews and assurance to manage your potential regulatory risk. Our regulatory reporting specialists have experience of working in UK based trade repositories and the FCA’s Markets Reporting Team (MRT) (formerly Transaction Monitoring Unit (TMU)), combined with extensive experience of working within financial firms and providing consulting services to investment banks, brokers, platform providers, asset managers, approved reporting mechanisms (ARMs), exchanges, multilateral trading facilities (MTFs) and organized trading facilities (OTFs).

Whether you are a smaller firm looking for a subject matter expert or a global institution looking for assistance with reporting your complex derivatives, our specialist staff can help you. We tailor our approach to the trading activities and processes of our clients.

Our services include:

  • One off or annual assurance reviews
  • Assisting firms and senior management when signing a transaction reporting attestation letter to the regulator
  • Deep-dive reviews and regulatory investigations
  • Preparing for visits from regulators in relation to transaction reporting
  • Managing or assisting with transaction reporting remediation and back reporting programs
  • Capturing and documenting the reporting requirements specific to your trading scenarios and product mapping across all systems
  • Documentation (policies, operational procedures and reporting logic)
  • Independent data accuracy testing of all instruments, scenarios and data fields
  • Preparing and delivering technical, regulatory and operational staff training across departments
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