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The RTS is the third major revision of the EMIR reporting framework. The day of publication in the Official journal of the EU is expected to come in June this year, that means that all changes shall be applied in Mars 2017. The new RTS entails a number of new reportable fields and challenges existing solutions to cope with the new requirements. Some of the significant changes are:
- Revision of collateral i.e. several new reportable fields.
- Collateral has to be separated into initial and variation margin. Any excess collateral compared to requirement must be reported separately
- New section for Credit derivative i.e. several new reportable fields
- New handling for embedded derivatives – each derivative to be reported and linked together (e.g. Swaptions)
- New logic for position reporting
- Alignment with MiFIR
The RTS will apart for demanding more data to be reported also put pressure on the reporting firms internal processes due to the new collateral section and the additional data that needs to be managed.
Do you have a solution that can migrate all the changes without entailing excessive costs?
TradeChannel brings knowledge, transparency and responsibility
Even when you outsource, you still have the responsibility to provide assurance to the regulators and your own management teams that the reporting data is accurate, timely reported and complete. TradeChannel takes part of that responsibility by making sure you are compliant, we monitor for changes from ESMA and other legal entities and incorporate those changes into TradeseC. Our support monitors the reporting processes and an automated alert will be send to you if something fails. You can easily track your transactions in our web-based portal TradeseC. There you get an overview of what have been reported to the regulators and when it was reported and what status the transaction has.
Enquiries regarding this announcement and TradeseC should be addressed to
sales@tradechannel.se or Andreas Bergh, Vice President, Head of Sales, TradeChannel AB, +46 (0) 812 13 95 19