ESMA Convenes on Revamped Trade Repository Reporting Standards

The European Securities and Markets Authority (ESMA) has published its latest consultation paper on the revision of its Regulatory Technical Standards (RTS) in relation to EMIR.

Each month, ESMA releases a Q&A designed to help inform market participants of European Market Infrastructure Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term (EMIR). More specifically, this includes implementing technical standards (ITS) that help streamline the overall transaction reporting process.

Since the passage of the RTS and ITS last year, ESMA has helped iron out several shortcomings and loopholes with the hopes of ensuring a plausible and effective process. Given the dynamic nature and overall scope of the EMIR regulation, these efforts have been met with numerous critiques, given the overall difficulty in fostering such standards.

It does demonstrate the fact that ESMA has largely abstained from the retail sector, instead focusing on several large interbank markets.

Indeed, according to Mark Kelly, Director of Abide Financial Limited, in an exclusive statement to Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates, “It is a cause for concern that ESMA’s guidance has not given equal coverage to all financial services sectors, focusing on the large interbank derivative markets and having little to say on the retail derivatives sector. Perhaps this may change over time, given that such a high percentage of the transactions now being reported are the small value one-sided client reports that the retail firms are obliged to submit.”