New reporting fields, a shift to the ISO 20022 format, and the synchronisation of reporting standards between differing regulatory regimes – these are just some of the new complexities introduced by the European Market Infrastructure Regulation (EMIR) refit, says the Depository Trust and Clearing Corporation (DTCC). In a recently released statement, the firm assures market participants that it is committed to supporting them through the change.

With the EMIR refit now live, the challenges that come along with the new regulation are now a reality. DTCC claims that it has been “working closely” with its clients on implementation, testing, and readiness, and that its trade reporting solutions “have been designed to alleviate the burden of these new requirements”. Its automated processes should not only “help with compliance”, but also “enhance overall operational efficiency and resilience”.

In a reminder that there is a point to the pain in transition, DTCC describes the EMIR refit as a “significant step towards a more robust and transparent derivatives market”. A greater standardisation in data fields and formats should lead to better data aggregation, risk analysis, and interoperability. It should also “reduce the complexities associated with cross-border transactions and regulatory reporting”.

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