The Emir error reports that cost banks millions
Dealers lambast onerous EU requirement to notify clients of all errors and omissions
New reporting rules in Europe are causing dealers to send a tsunami of trade error reports to their clients – at huge expense and, some say, for little practical value.
One senior reporting expert at a US bank estimates that meeting the requirement costs at least $1 million a year due to the vast volume of messages that must be sent.
“It’s costing us a fortune by telling all these little clients that they’ve got 10 trades wrong,” says the expert. “Is that moving the dial in terms of data quality
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