About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Markit Adds Data and Connectivity to MarkitServ to Support EMIR Reporting

Subscribe to our newsletter

Markit is meeting European Market Infrastructure Regulation (EMIR) reporting requirements by adding additional data fields and data to its MarkitServ reporting solution and connectivity to DTCC’s UK derivatives repository. The EMIR service went live last month after MarkitServ sent several million trade records to the DTCC derivatives repository on behalf of over one hundred firms and ahead of next week’s EMIR compliance deadline of 12 February.

Henry Hunter, managing director and global head of derivatives processing at Markit, says the EMIR reporting service is a logical extension of MarkitServ and is particularly useful in a market where participants must work to different regulatory regimes. In Europe, for example, both counterparties to a derivatives trade must report to a registered trade repository, while in the US, the requirement is for only one counterparty to report. Reporting timeframes also differ, with European regulation stipulating T+1 and US regulation demanding timing ranging from 30 minutes to 48 hours depending on the information that must be reported and the reporting counterparty.

Hunter explains: “We have configured the service using Unique Transaction Identifiers (UTIs) as required by EMIR to make sure both sides of a trade can report and are consistent. We have also configured the service so that trades can be reported in a number of jurisdictions if that is necessary.” The company will include Legal Entity Identifiers (LEIs) in EMIR reporting if they are available, obtaining the LEIs from customers and setting them up in static data tables so that they can be picked up as needed.

Hunter describes reporting under EMIR in two parts: generating the data needed to report and getting trades into a repository. He explains: “Trades can be sent to a repository from a risk management system, which is not particularly difficult. More difficult is data generation. The crux is the UTI and making sure it is shared as a common identifier between counterparties so that is not duplicated in the repository. This is where MarkitServ is different to other data connectivity solutions.”

MarkitServ is already used by over 100 organisations for high volume regulatory trade reporting, leading Markit to expect that a large number of these organisations will have to report under EMIR and will do so by extending their use of MarkitServ.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Addressing conduct risk: approaches to surveillance

Conduct risk in financial services is a critical area that requires vigilant monitoring and robust surveillance mechanisms. Regulatory bodies, (FCA, FINRA and others) have tightened their scrutiny and financial institutions must adopt advanced approaches to effectively manage and mitigate conduct risk. This webinar will examine the latest methodologies and technologies used to address conduct risk,...

BLOG

A Holistic Approach to Regulatory Change Management: Insights from RegTech Summit 2024

In November, the RegTech community gathered for A-Team Group’s RegTech Summit in New York City, now in its eighth year. 2024 also saw a record number of national elections including the United States, the UK and six other G20 countries. The details of any changes in regulatory policy and any impact on Governance Risk and...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

Regulatory Data Handbook 2024 – Twelfth Edition

Welcome to the twelfth edition of A-Team Group’s Regulatory Data Handbook, a unique and useful guide to capital markets regulation, regulatory change and the data and data management requirements of compliance. The handbook covers regulation in Europe, the UK, US and Asia-Pacific. This edition of the handbook includes a detailed review of acts, plans and...