Thousands of derivatives users not ready for Emir reporting

Number of legal entity identifiers is sitting at 83,337 – well short of the required total, which is estimated at anything from 100,000 to one million

Doomsday clock set at five to midnight

With just over a week left on the clock, regulators are said to be worried the market is not ready for the start of mandatory trade reporting under the European Market Infrastructure Regulation (Emir). According to some estimates, a little over 8% of the region's derivatives users have so far registered for the preliminary legal entity identifier (LEI) that will allow them to report their over-the-counter and listed trades.

"There has been concern regarding the wider implementation and

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