Markit Begins EMIR Trade Reporting

Markit has begun reporting OTC derivatives trades in rates, credit and equities for customers subject to the European Market Infrastructure Regulation (EMIR).
By Janet Du Chenne(59204)
Markit has begun reporting OTC derivatives trades in rates, credit and equities for customers subject to the European Market Infrastructure Regulation (EMIR).

The service went live via MarkitSERV, the electronic trade processing service for OTC derivatives in January 2014, ahead of the Feb. 12 2014 compliance date, in order to facilitate the loading of historical trades to a trade repository.

As detailed in the regulatory technical standards of the European Securities and Markets Authority (ESMA), EMIR requires EU counterparties to all derivative contracts to report certain trade information and details to a registered trade repository.

MarkitSERV receives UTIs from trading venues and clearinghouses, can generate UTIs when they are not provided and enables users to send, receive and agree UTIs across all workflows. Under Emir, this helps ensure reporting is performed without duplication as required by ESMA.

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