What is EMIR 3? Is it the same as EMIR Refit?
Regulatory reporting is complex and with the numerous EMIR updates released by ESMA over the years, it can get quite confusing. Recently, the European Commission has published a proposal called EMIR 3. This new proposal might sound like a major update, however it is unrelated to the upcoming (April 2024) EMIR refit changes which affect derivatives trade reporting.
Have You Been Conducting Regular Quality Checks of Your Reporting?
Delegating your reporting obligations to a third party does not transfer your regulatory accountability. Across all major regimes, the reporting entity remains ultimately responsible for the accuracy, completeness, and timeliness of submitted data. EMIR, MiFIR, SFTR EMIR, MiFIR and SFTR trade and transaction reporting rules allow reporting entities to delegate their reporting obligations to a […]
Meet the team: Nikolas Papamichael
How did Nikolas find himself at TRAction? Nikolas joined TRAction shortly after completing his university studies in Software Development. As an early career graduate, Nikolas was eager to apply his academic skills in a real-world setting, and TRAction provided the perfect opportunity to do so. Nikolas’ responsibilities in his role… As a Software Developer, Nikolas […]
9 Common XML Errors in EMIR Reporting
EMIR reporting uses an XML file structure, replacing the previous CSV format. XML uses an embedded schema and validation system sourced from XSD schema/files. An XSD schema/file defines the structural and data-type rules that every EMIR XML submission must conform to, specifying which elements are required, their permitted values, correct ordering, and allowed formats. When […]
What is an NFC-?
Entering into derivative transactions, you become a ‘counterparty’.
EMIR introduces two types of counterparties: Financial Counterparties (FC) or Non-Financial Counterparties (NFC).
The Technical ISIN Under UK EMIR
Following a joint consultation by the Financial Conduct Authority and the Bank of England, Q&A 4.14 was finalised and added to the UK EMIR Reporting Q&As. It establishes the circumstances in which the technical ISIN may be used as a placeholder identifier in derivative reports. TRAction looks at: what the technical ISIN is; and when […]
How Does a Regulator or ARM Ascertain MiFIR Reportability?
The current application of MiFIR requires both the regulators and ARMs to filter through vast quantities of data to determine which transactions should be reported. Trading venues and systematic internalisers (SIs) are obliged to submit reference data for financial instruments to ESMA to be published in FIRDs. This is outlined in Article 27 of MiFIR and Article 4 of Market Abuse Regulation (MAR).
Daylight Saving Time Starts in Europe and the UK
Most European countries alongside the UK will need to turn their clocks forward by 1 hour this Sunday, 31 March 2024. While you enjoy the sun and longer days, you will also need to check that the time settings in your trade/transaction reporting are correct.
Are You Making Regular Enquiries Into Your Trade Reporting?
Accuracy of Reporting and Delegate Oversight – ASIC ASIC’s OTC derivative transaction reporting rules allow reporting entities to delegate their reporting obligations to a third party. In doing so, reporting entities are required to take all reasonable steps to ensure the completeness, accuracy and currency of the information reported (Rule 2.2.6 of the ASIC Trade Reporting […]
Partnership: ACM Europe Limited x TRAction
ACM Europe Limited has partnered with TRAction to streamline its MiFIR trade reporting obligations. ACM Europe Limited, a global asset management company, has engaged TRAction, a well-known regulatory reporting specialist, to enhance the accuracy and compliance of its MiFIR (Markets in Financial Instruments Regulation) trade reporting processes. The objective of this partnership is to support […]