EMIR Reporting

Getting the industry ready for the REFIT

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EMIR Reporting Solution

Arriving in the first half of 2024 as part of the EMIR REFIT updated Technical Standards is the largest set of changes to the regulation since it went live in 2014. Supporting over 500 reporting clients and tens of millions of daily EMIR UTI messages, Cappitech’s team will get you ready for REFIT’s challenges.

Automation, exception management, reference data enrichment, TR connectivity, UTI sharing and robust validations are just a number of ways Cappitech’s clients have their compliance burden simplified.

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How Cappitech Can Solve the
Challenges of EMIR and the REFIT

Automate your daily transaction reports to an ESMA licensed TR

Flexible integration options supporting pull or push of multiple file formats such as CSV, XML and FIX

Enrichment of product codes, counterparty LEIs and UTI generation

Connectivity with external market data for daily MTM valuation

Monitor and manage your rejections and late reporting via intuitive dashboard

Provides highly secure, advanced data encryption, including encrypted and segregated file upload system

Efficient and frictionless reporting, reducing reporting expenses and overall cost of ownership and improve efficiency

Provides file management for access to trade repository-submitted EMIR reports.

Professional services team with deep regulatory knowledge supports your reporting success

UTI tools covering UTI Pairing & Matching screen, UTI generation logic, UTI collection and enrichment and auto UTI amendments

How the Cappitech Solution Works

Connect

Connect to client trade data, via push or pull

Analyse

Reports are enriched with UTI, counterparty and detailed product information

Validate

Data is validated, to catch errors and filter out trades outside of the scope

Report

Report is submitted to Trade Repository with data available to review on our analytics dashboard

See it in action

From a single dashboard you can access information on underlying entities you are reporting for and gain actionable insights. If required, you can grant your delegated counterparties access to a designated dashboard where they can monitor and manage their reporting obligation.

Monitor the timeliness of your reporting and drill down into the details of late submissions to identify any underlying problems in your reporting process.

Automate and monitor your reporting with our multi-regulation platform, a single platform for all your transaction reporting needs. From a single dashboard you can get a visual status overview of your reported trades and review complete transaction lifecycles. Use our sophisticated filtering and search functionality to easily investigate individual trade submissions.

Gain insights into your transaction reporting; improve KPIs on accuracy, completeness and timeliness of your submissions. Monitor and improve your rejection rates by viewing the top reasons for rejections. Historical reports for rejected trades can be viewed and analysed, enabling firms to improve their reporting.

Improve your reporting accuracy

It’s not as hard as you think!

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What is EMIR Reporting?

Following the global financial crisis (GFC) of 2008/09 that exposed risk related to over-the-counter (OTC) trades, many financial regulators around the world created a framework of OTC derivative reporting requirements by financial firms. The key information to be reported includes OTC trades transacted, counterparties and end of day exposure. Through this information, financial regulators would have a better understanding of a firm’s derivative exposure and their counterparties that could be effected in the event of insolvency.

EMIR, short for European Market Infrastructure Regulation, is the name of the EU based initiative that is headed by ESMA that was put in place around the agreed upon global framework. Put into effect in 2014, EMIR reporting is similar to guidelines put in place in the US with the passing of Dodd-Frank laws, reporting that went to effect for OTC derivatives in Australia under ASIC at the end of 2015, and with a similar framework being put in place for Hong Kong starting in 2017.

Who and what needs to be reported?

Obligated to report under EMIR are all companies that enter into an OTC derivative. Therefore, included under the rules are non-financial firms such as corporates.

Transactions defined as derivatives include options, swaps, forward and CFDs for currency, interest rate, commodities, financial indices and equity asset classes.

Is EMIR Reporting Single or Double Sided Reporting?

EMIR Reporting is double sided reporting. In double sided, both counterparties to a trade need to report and use the same UTI when referring to the trade.

Do spot FX need to be reported under EMIR reporting?

Spot FX is an area of debate of EMIR rules. Within EMIR regulation and the directive’s Q&A, spot FX isn’t numerated as an OTC derivative. However, prior MiFID definitions of spot FX differentiate between rolling spot FX contracts like those offered by online brokers and are similar to CFDs and spot FX trades with immediate delivery. The main difference between the two is that rolling contracts expose both counterparties to price fluctuations and thereby the trade is similar to that of other derivative contracts.

Where are trades reported to under EMIR?

EMIR reports are sent to designated trade repositories (TRs) which are regulated under EMIR, manage and secure the data and make it available solely to regulators. Currently there are six TRs managed by the DTCC, UnaVista (division of the LSEG), CME, ICE, Regis-TR and KDPW.

Do you report directly to a TR for EMIR reporting?

Firms can report directly to a TR or use a delegated third party such as Cappitech. According to EMIR rules, delegated third parties are able to report on behalf of their clients, with the vast majority of financial companies using an intermediary.

Will you be penalized for not reporting?

Penalties for EMIR are enforced by local NCAs with each country having different rules regarding fines and penalties they can apply for incorrect or non-reporting. The largest EMIR fine was applied by the UK FCA in March 2017 to Merrill Lynch for £34.5 million.