Due to the complexities with applying EMIR’s reporting requirements to exchange-traded derivatives (ETDs) - in January 2013 ESMA asked FOA to propose a solution on behalf of the ETD industry. FOA's working group gave a presentation to ESMA on ETD reporting:
- FOA created a Working Group with senior level individuals from Clearing Brokers (CB) and Central Counterparties (CCPs)
- The Working Group has focused on interpreting EMIR’s technical standards to develop operational solutions in line with the aims of the reporting obligation
- The Working Group is addressing key challenges for the ETD industry which are distinct from the OTC market. FOA wishes to share the solutions with NCAs and ESMA as part of a collaborative approach to developing a response
- Significant progress has been made but a number of outstanding questions remain
- The Working Group anticipates completing the analysis by 28 June and FOA intends further engagement with NCAs and ESMA in order to finalise proposals by August
- The message to NCAs and ESMA is that the industry is working towards compliance, noting the updated timeline of obligations, published by ESMA on 22nd May 2013
