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Stuart Clark

Stuart Clark - Impendium Systems

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ESMA updates EMIR questions and answers

21 March 2014  |  1452 views  |  0

The European Securities and Markets Authority (ESMA) has updated its question and answers (Q&As) on the Implementation of the Regulation (EU) No 648/2012 on OTC derivatives central counterparties and trade repositories (EMIR). The updates relate to: 

OTC Questions

· The responsibility of the Financial Counterparties vis-à-vis its non-Financial Counterparties (assessing whether they are above or below the clearing threshold) - Qn 4

· Intragroup transactions – Qn 6

· Public register – Qn 7

· Reporting of unconfirmed trades for more than 5 business days – Qn 8

· Notional amounts – Qn 9

· Risk mitigation techniques for OTC derivative contracts not cleared by a CCP – Qn 12 

CCP Questions

· Most relevant currencies for the determination of participation in a college – Qn 1

· requirements and recording of client assets – Qn 2

· Review of models, stress-testing and back-testing – Qn 5

· Segregation and portability – Qn 8 

Trade repository Questions – including trade reporting

· Trade repository registration – Qn 2

· Reporting of outstanding positions following the entry into force of EMIR (Backloading) – Qn 4

· Reporting to Trade Repositories: cleared trades – Qn 6

· Reporting to Trade Repositories:  Buy/Sell indicator for swaps – Qn 24 

New Q&As in this section:

· Reporting to Trade Repositories: Underlying field 9 of EMIR 20 March 2014 – Qn 28

· Reporting to Trade Repositories: Field 15 for NFC 9 of EMIR 20 March 2014 – Qn 29

· Reporting to Trade Repositories: MIC codes 9 of EMIR 20 March 2014 – Qn 30

· Reporting to Trade Repositories: Exchange rate 9 of EMIR 20 March 2014 – Qn 31


Related link:

http://www.esma.europa.eu/system/files/2014-297_qa_vii_on_emir_implementation_20_march_14.pdf  

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Co-founded Impendium in 2006. Previously head of Client Services for Deutsche Banks top 100 customers.

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