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The European Securities and Markets Authority (ESMA) has done it again. They quietly published a revised European Market Infrastructure Regulation (EMIR) timeline which postpones commencement of Trade Repository (TR) reporting until February 2014. This is no surprise as the recent third round of their Questions & Answers (Q&A) still left uncertainty among market participants.

There is no doubt that the regulation comes at a significant cost and requires wide-ranging operational enhancements to en

With ESMA’s (European Securities and Markets Authority) regulatory technical standards (RTS) codifying the European Market Infrastructure Regulation (EMIR) into an applicable set of rules entering into force on 15 March 2013, the implementation timeline for EMIR has now become much clearer.

The CCP registration process
Under EMIR CCPs apply for authorisation with ESMA to clear under EMIR. It is expected that this will happen sooner rather than later. CCPs will have the required paperwork ready to