SFTR confusion over Esma’s coronavirus delay

European regulator’s announcement fails to tackle how delay affects legacy transactions

Europe question

A three-month delay to the first phase of new repo reporting rules for banks has caused confusion over whether the postponement also applies to an obligation for European banks to report legacy trades.

“It a little bit unclear,” says a manager at a trade repository. “We are looking for clarification from Esma because different national competent authorities could interpret it in a different way.”

The rules, known as the Securities Financing Transactions Regulation, require both counterparties

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