Emir data may have exposed Archegos, but not in real time

Entity-level reports were limited to supervisors, leaving counterparty banks in the dark

Data

Risk officers are sceptical that data collected by regulators would prevent a repeat of the risk pile-up that toppled Archegos Capital Management, despite a new study showing data reported under the European Market Infrastructure Regulation (Emir) exposed burgeoning exposures months before the family office imploded.

The study, published this week by the European Securities and Markets Authority (Esma) shows Archegos’s exposures to a narrow band of stocks almost trebled in 2020 and continued to

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