Esma plan to boost matching rates leaves industry cool

Esma hopes to improve matching rates for Europe’s five-month-old reporting regime – currently as low as 3% for some trades – but repositories say more will be needed

Esma headquarters

Incomplete derivatives trade reports will be sent back to market participants under a new scheme outlined by the European Securities and Markets Authority (Esma). It is a first attempt to improve disastrously low matching rates for the region's five-month-old reporting regime, which uses two tags – legal entity identifiers (LEIs) and unique trade identifiers (UTIs) – to help repositories pair up reports that are filed independently by each counterparty.

Under the new arrangement - described by

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