The European Market Infrastructure Regulation (EMIR) is a comprehensive regulatory framework established by the European Union (EU) to regulate over-the-counter (OTC) derivatives markets, central counterparties (CCPs), and trade repositories. EMIR aims to enhance transparency, mitigate systemic risks, and increase the stability of the financial system within the EU.
Is the new EMIR Refit on your radar?
Jun 6, 2023 - New York, US
The new EMIR Refit
By Jack Lougheed, Business & Data Consultant at RadarRadar
Early next year (April 2024), the new EMIR Refit will come into effect. The Refit addresses changes to the submission process and the characteristic that need to be reported to the European and British financial authorities. Amongst other changes, delivery of .xml formatted submissions and the extensive counterparty characteristics could be challenging for firms that are eligible for EMIR Reporting.
RadarRadar provides Trade Repository Reporting technology for the normalization and harmonization of both OTC and ETD transactions and positions. Radar Technology puts you in control of making the translation from internal systems to global repository defined reporting formats. Normalization of data is a critical step in the submission of Trade details to regulatory bodies. Trade Repositories and Financial authorities dictate the templates and format in which trade details need to be supplied.
At its core, RadarRadar provides technology which handles incoming and outgoing data in any format. Hence having multiple feeds of trade detail data, that need to be combined in one trade submission template can be handled by users seamlessly with the Radar technology.
By proactively understanding and adhering to the regulations outlined by EMIR, commodity companies can ensure compliance, reduce risk, and contribute to the stability of the EU financial system.
Send us an email (info@radarradar.com) to set-up an insights meeting with one of our experts. We’re happy to explore what we can do for you!
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