July 10, 2017

ESMA issued final regulatory technical standards on the aggregation and publication of derivatives data by trade repositories, under Article 81 of European Market Infrastructure Regulation (EMIR). ESMA has sent these final standards to the EC, which has three months to decide whether or not to endorse them.

The final regulatory standards define the operational standards for aggregation and comparison of aggregate position data across trade repositories. The standards set out several additional requirements to better specify and enhance the quality of data that is to be made publicly available by trade repositories and to allow the publication of aggregated figures that are required by the second Markets in Financial Instruments Directive, or MiFID II, and the Benchmarks Regulation. The final standards also include further clarifications about publication of data by trade repositories, specifically on calculation of market activity and outstanding volumes for on and off-venue traded derivative and on the avoidance of double-counting across different trade repositories.

 

Under the EMIR (EU No 648/2012), the derivative contracts must be reported from both sides. This often includes several parties, such as brokers and clearing members, that stand between the counterparty and the central clearing counterparty. To ensure that the end users are able to aggregate and compare the aggregate position data published by trade repositories, these standards establish general rules by defining the:

 

Frequency and timeliness of publication

General technical aspects of aggregation for publication

Details of aggregations for benchmark and commodity thresholds

 

Related Link: Final Standards (PDF)

Keywords: Europe, ESMA, EMIR, Securities, OTC Derivatives, regulatory Technical Standards, Trade Repositories

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