Escape from Emir? Not so fast, swaps users

Emir Refit, which seemed to promise reporting relief for corporate users, is not a master key

Houdini would be spinning in his many-padlocked tomb.

European corporate treasurers should have had an easy escape from derivatives reporting rules this year, when legislators appeared to hand them the keys. But today, they find themselves still shackled to the burden of reporting – even if it is a slightly lighter version.

EU parties to derivatives trades are generally required by the European Market Infrastructure Regulation (Emir) to report transaction details to a trade repository. But, as