Esma: No 90-day reporting delay for post-Emir trades

News will "come as a surprise" to market participants - and also the UK's FCA, which has misinterpreted Esma rules on its website


Trades executed after August 2012 will be immediately subject to Europe's new reporting rules if they are still outstanding when the regime takes effect on February 12, 2014, according to the European Securities and Markets Authority (Esma). Many market participants believed rules written by Esma provide a 90-day grace period before this trade data has to be backloaded into new trade repositories, under the terms of the European Market Infrastructure Regulation (Emir).

The UK's Financial Conduct

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