Regis-TR and the Emir Refit blame game
The reporting overhaul was been marred by problems at repositories, prompting calls to stagger future go-live dates.
The full scale of problems that followed last year’s major overhaul of the European derivatives reporting regime—dubbed Emir Refit—is only now becoming clear, with nearly 25% of trade reports rejected at the outset due to errors in the data, and some records going missing entirely.
While several factors can be blamed for the problems, six independent sources at reporting firms and regulatory bodies say trade repositories (TRs)—which are tasked with collecting and maintaining records of
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