"What a mess": market reflects on start of Emir reporting

By any standards, Europe’s new reporting regime got off to a bad start. Many companies were not ready to comply; some repositories were not able to cope with those that were. Regulators, meanwhile, did not agree on what was in scope. Fiona Maxwell reports

Robert Pickel

Anyone looking for a short, punchy verdict on the arrival of Europe’s new derivatives reporting regime could do worse than the three words uttered by a senior finance executive at one German corporate, two days after it came into force: “What a mess.”

And he was one of the lucky ones. For days after the February 12 deadline arrived, some users of the repository run by the Depository Trust & Clearing Corporation were unable to report – victims of a backlog – while the data submitted by those that

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