Is There a Need To Ensure Harmonization of EU Reporting?

We can assume that both regulators and market participants would benefit from harmonized reporting, but the indications are that this is still a distant hope. The next major round of reporting Obligations is MiFIR, due for implementation in early 2017.

From initial consultations it seems there is less overlap than expected between the information which will be required for detection of market abuse under MiFIR and that which is already being collected to identify systemic risk under the EMIR regime. This means that for the foreseeable future many firms will be subject to a double reporting obligation, with MiFID and EMIR at the moment being replaced with MiFIR and EMIR from 2017.