NEX launches solution to deal with EMIR changes 11 August 2017London Reporter: Jenna Lomax
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NEX Group has launched a solution that enables compliance with revisions to the European Market Infrastructure Regulation (EMIR).
The new solution will support the EMIR regulatory technical standards (RTS) rewrite, which was undertaken by the European Securities and Markets Authority (ESMA) last year.
The new rules are due to come into effect on 28 October 2017.
EMIR aims to improve the transparency of the OTC derivatives market and reduce associated risks for clients, such as the mandatory clearing of some asset classes and the attribution of collateral against open positions.
NEX Regulatory Reporting, which currently processes 15 million transactions per day, covers seven million that come under EMIR rules.
With the launch of the EMIR RTS Rewrite solution through its Global Reporting Hub, NEX aims to ensure that clients can upload data in multiple formats with ease before the October implementation.
Collin Coleman, head of regulatory reporting at NEX, said: “The revised rules from ESMA significantly increase the level and complexity of reporting and affect both existing reporting institutions as well as those that haven’t yet had to report under EMIR.”
“With the rewrite looming, we encourage market participants to ensure they have a solutions provider in place now, to prevent a last minute scramble towards the end of the year.”
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