Bespoke OTC reporting a struggle for energy firms

European energy trading firms say they are finding compliance with Emir trade reporting rules onerous and heavily reliant on manual intervention, particularly when it comes to non-standard trades

For many energy trading firms, reporting the details of energy derivatives transactions to trade repositories under new European rules has proven to be a costly, cumbersome and highly manual task, say industry participants.

Under Emir’s reporting mandate, which came into force in February, both counterparties to a listed or over-the-counter derivatives trade are required to report their side of the transaction to a repository. For the bulk of plain vanilla energy trades – for example, an oil