Through active engagement with regulatory authorities, stakeholders and industry participants, we voice our views in relation to proposed and final rules and their implementation. Markit is a proud member of various trade associations and actively participates in the dialogue and decision-making process, ensuring that market transparency and orderly evolution are upheld.
Doing nothing about these new reporting requirements is not an option. Contact us now to ensure that you are well prepared to meet the first impending regulatory reporting deadline. To find out more, contact:
Early next year, likely in mid February 2014, buy and sellside firms will need to begin reporting their transactions in over-the-counter (OTC) and exchange-traded derivative transactions across asset classes to newly established trade repositories no later than the day after trade date (T+1) to be compliant with European Market Infrastructure Regulation (EMIR).
Regulators also will have market participants report trades in other asset classes, such as equities, starting in January 2014.
Unlike US Dodd-Frank Wall Street Reform and Consumer Protection Act (DoddFrank), the EMIR reporting rules require dealers and their buyside clients to report common and counterparty data to designated trade repositories (TR) without duplication. As a result, each side of the trade needs to agree to use a unique trade identifier (UTI) in submitting the same common trade data.
Now that the Dodd-Frank Act’s mandatory reporting to swap data repositories (SDRs) and real-time reporting are in place for various asset classes, the US Commodity Futures Trading Commission (CFTC) is turning its focus to the next step of phasing in mandatory swaps-trade clearing though central counterparty (CCP) clearinghouses.
On March 11, 73 registered swap dealers (SDs) and two major swaps participants (MSPs), as well as active funds, began clearing their swaps transactions. Other financial entities will have until June 9 while accounts managed by third-party investment managers will have until September 9 to comply.
Specifically, if the trade is a USD-, EUR-, GBP-, or JPY-denominated and is a fix-to-floating, basis, forward-rate agreement, overnight index interest rates swap (IRS), or North American or European untranched credit default swap (CDS) indices, it must be cleared through a registered derivatives clearing organization (DCO).