The International Swaps and Derivatives Association, Inc. (ISDA), the European Fund and Asset Management Association (EFAMA), the European Venues and Intermediaries Association (EVIA), the Futures Industry Association (FIA) and the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) have jointly published a set of best practices for derivatives trade reporting under the European Market Infrastructure Regulation (EMIR).
The EMIR Reporting Best Practices cover 87 data points across 61 reporting fields, including both over-the-counter and exchange-traded derivatives, and were developed to improve the accuracy and efficiency of trade reporting and to reduce compliance costs. The best practices are available to all market participants to access and implement.
Mandatory trade reporting under EMIR came into force in 2014, requiring all covered derivatives to be reported to trade repositories separately by both parties. However, differences in how each counterparty completes the data fields can lead to matching errors on individual trades, placing a compliance burden on industry participants and resulting in an unclear picture of trading activity and risk. In February 2019, the European Securities and Markets Authority estimated the matching rate to be just 40%.
The EMIR Reporting Best Practices aims to facilitate greater standardization in how firms complete certain data fields when reporting under EMIR. The document sets out best practice standards for those reporting fields that are most commonly mismatched, based on feedback from trade repositories, but other fields may be added over time if required.
The EMIR Reporting Best Practices are available here.
For Press Queries, Please Contact:
Nick Sawyer, ISDA London, +44 20 3808 9740, nsawyer@isda.org
Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org
Joel Clark, ISDA London, +44 20 3808 9760, jclark@isda.org
Christopher Faimali, ISDA London, +44 20 3808 9736, cfaimali@isda.org
Nikki Lu, ISDA Hong Kong, +852 2200 5901, nlu@isda.org
Documents (1) for ISDA, EFAMA, EVIA, FIA and GFXD Publish EMIR Reporting Best Practices
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