The Impact of ESMA’s Latest Revisions to MiFID II/MiFIR Reporting Standards

Adding a MiFIR/MiFID II Module to Validate.Trade is one of the next big areas of investment for Report-it.Trade. We have already developed a beta version based on the original ESMA drafts. The recent version of ESMA’s MiFID II / MiFIR Regulatory technical implementing standards– Annex I (RTS) has some notable differences to the previous draft version from a Transaction Reporting perspective and, therefore, from a Data Validation perspective too. I have summarized the points impacting Validate.Trade below.


Beware of what you ask for

The unintended consequences of regulation can be clearly seen when it comes to the rules requiring data validation. The way the rules are written, strict validation is mandatory and all invalid data is rejected. Rejecting invalid data sounds like a great rule but if we push this requirement to the upstream trading systems, it can have some undesirable consequences. So what’s so wrong about OTC Derivatives trading systems rejecting invalid data? Shouldn’t the data be entered correctly? The problem is that data is not necessarily bad but is often simply incomplete or unforeseen.


Risk Focus @ Derivatives Regulatory Reporting Conference – EMIR, Dodd-Frank & LEI

Risk Focus attended the premier Derivatives Regulatory Reporting conference of 2014 in London from June 17-18. The conference covered many significant challenges posed by financial institutions related to derivatives trade reporting in compliance with Dodd-Frank, EMIR and other jurisdictions.


Challenges of EMIR Delegated Reporting for Derivatives Trades Part 1

The European Markets Infrastructure Regulations (EMIR) derivatives trade reporting rules went into effect on February 12, 2014. Derivatives trading entities incorporated in the EU and their overseas branches are required to report the details of their derivatives transactions to an authorized Trade Repository (TR).