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EMIR reporting
Stay ahead of the demands of the EMIR Refit with an agile post-reporting solution.
Data accuracy, completeness and timeliness in focus as EMIR Refit tightens reporting rules
Phase I of the EMIR Refit goes live on 29 April 2024 in the EU and 30 September 2024 in the UK. In addition to 89 new fields to report and tighter error notification windows, data quality is in the spotlight. There are explicit requirements to ensure reported data is complete, accurate and timely. This will mean ensuring data quality upstream and performing post-reporting reconciliations quickly across diverging EU and UK regimes.
Be ready for the Refit.
Phase 1 goes live in EU in:
Phase 1 goes live in UK in:
An agile new response
to the EMIR Refit
The Refit’s changes will stretch firms’ web of point solutions and outdated legacy systems to breaking point. It’s time for a new approach that embraces advances in data technology to provide unprecedented agility to the business.
Our extensive regulatory reconciliation experience alongside our scalable, no-code, SaaS platform, expert professional services and out-of-the-box EMIR Refit solution can help you reduce costs, complexity and time to value.
You can be ready in as little as a month and reduce the time your operations team spends on maintenance with reconciliations that are automatically updated as regulations change.
Challenge
Avoiding fines and sanctions
Problem
Inaccurate or incomplete data leads to attention from the regulator. And it’s not just fines that are expensive. Audits and remediation programmes are costly, and the reputational damage can be significant.
Solution
Duco can help you ensure the data you’re sending to TRs is accurate, complete and in the right format. Our solution helps you meet the requirements of post-reporting reconciliations and quickly and easily identifies issues that need correcting upstream.
Challenge
Cost and resource requirements
Problem
Building and maintaining new reconciliations is resource hungry. Budgets and people that could deployed to actual value-add work are instead being allocated to change management.
Solution
Duco’s pre-configured solution updates automatically when requirements change. Business users can update parameters in the platform using no-code Natural Rule Language, eliminating lengthy and costly build projects.
And because Duco is a true cloud-based SaaS platform, there are no upgrade costs.
Challenge
Scalable processes
Problem
Scaling is a challenge with inflexible tech and huge internal change control projects.
Solution
Our pre-configured solution is already mapped to the relevant ISO XML fields and is linked to our Data Prep module, meaning you can ditch ETL and normalise data quickly and easily in the platform. You can scale quickly without adding cost or sacrificing controls for speed.
Challenge
Visibility and control
Problem
Breaking up controls to handle the size and shape of EMIR data can introduce opacity and the potential for errors in addition to the standard noise of false breaks. If you can’t fully trust your data, you’re in for a lot of sleepless nights.
Solution
Duco can handle the volume and shape of regulatory data in a single process, so there’s no need to manually stitch together the total picture. Configurations are self-documenting, with additional implementation notes from Professional Services where needed for greater operational clarity.
EMIR Refit solution
Duco offers an accelerated solution for EMIR Refit readiness that combines the expertise of our professional service team with our robust platform capabilities.
Health check
Operating model diagnostic
- Get clarity on business architecture
- Map systems, data flows, processes and control points
- Uncover gaps, risk areas and opportunities for control improvements
Scope & build
PS-supported custom configurations
- Validate, transform and enrich data
- Smooth UAT and deployment to production
- Optimise for future change
Assurance controls
Intersystem and post-reporting
- Eliminate maintenance reconfigured EMIR processes and automatic XML schema updates
- Improve visibility with operational dashboards
- Self documenting, auditable and transparent controls
Struggling with eligibility rules?
Independently verify internal eligibility rules with robust data prep, transparent results and top class workflow capabilities.
With Duco, you can
Get results on individual criteria – not just yes/no on a trade
Run checks whenever you need to, and get results in minutes
Identify and resolve issues faster with Duco’s automated exception management workflow
Demonstrate credible, independently validated controls with a clear audit trail to help reduce the risk of audits and fines
Ensure internal rules are consistent following process or infrastructure change
Regulatory data quality. Simplified.
The Duco platform is the only choice when you need to respond fast, stay in control of your data, create transparency and future-proof your operations.
You’re in control
From our no-code Natural Rule Language to the Duco Alpha machine learning engine, our solution is designed to be user-friendly in every way, from setup to documentation.
Agile compliance
Adapt to the changing demands of regulators with ease and at short notice. From remapping existing processes to handling new data types, Duco’s data quality solution for the EMIR Refit keeps you one step ahead.
See everything
Get end-to-end transparency of your regulatory data quality processes and manage permissions on a granular level. Every action is recorded for complete auditability.
Always ready
Our platform is data agnostic and easily connects to both upstream and downstream systems. Whether it’s the regulation that evolves or your tech stack, Duco’s data quality solution comes with flexibility baked in to keep you future-proofed.
With Duco we were finally able to reach the high level of quality we strived for in regulatory reconciliations.
Transaction data needs to undergo a number of enrichment processes between front office capture and the final report, which need to be replicated in the reconciliation process, covering large complex data sets. The quick deployment, flexibility and usability of Duco’s self service application enables us to efficiently build towards this reconciliation process with very little technical support.
Duco in action
Case study
Discover how a tier one bank used Duco’s agile solution and derivatives expertise to build regulatory data controls, including for EMIR reporting, in just one week and give end-to-end ownership to their business users.
On-demand webinar
In our EMIR Refit Pit Stop webinar from October 2023, our panel of experts discusses the technology solutions that can help overcome common concerns about the EMIR Refit.
EMIR Refit FAQ
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Who has a reporting obligation under EMIR?
The EMIR Refit is changing some rules regarding which financial counterparties (FCs) and non-financial counterparties (NFCs) are obligated to report derivatives trades. There are new clearing thresholds for NFCs, while FCs need to report all over-the-counter (OTC) derivatives trades.
Additionally, the Refit has expanded the definition of “financial counterparty” to include new entities, such as Alternative Investment Funds (AIFs) and their managers (AIFMs), as well as Small Financial Counterparties (SFCs). Clearing and reporting obligations vary depending upon entity and type of derivative contract.
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When does the EMIR Refit come into force?
The EMIR Refit goes live on 29 April 2024 in the EU and 30 September 2024 in the UK.
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What are the top five key concerns with reporting under EMIR Refit?
1. Are you underreporting or overreporting?
2. Do you have the right controls in place between your source systems and reporting engine?
3. Can you investigate daily mismatch data from trade repositories?
4. How do you manage reconciliation between diverging EU and UK regimes?
5. Are you testing your end-to-end controls as part of the UAT phase?
For more information see this article
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What is the intended reporting format for the EMIR Refit?
In line with global financial services adoption of ISO 20022, ESMA is prescribing reporting in ISO XML 20022 format for the EMIR Refit.
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How many fields are there in the EMIR refit?
There are 203 total fields with 15 removed from the previous version and 89 new reportable fields. Responding to the complexity of change is causing huge challenges for market participants.
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How does Brexit affect EMIR?
The UK will adopt its own version of the EMIR Refit, going live on 30 September 2024. While the regulation is expected to be similar, there will likely be divergence from the EU version.
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What’s the difference between EMIR and MiFID II?
Both EMIR and the Markets in Financial Instruments Directive (MiFID) II require firms to report the same types of transaction data to regulators, and both have a T+1 reporting timeframe.
However, EMIR covers only derivatives trades, while MiFID II applies to bonds, derivatives, equities, emissions allowances and structured finance products. Under EMIR, firms must report to Trade Repositories (TRs), while under MiFID II firms must report in near-real time to an Approved Publication Arrangement (APA) and to an Approved Reporting Mechanism (ARM) on T+1.
Unlock the power of your data with Duco
Fill in the form to watch an extended demo of the Duco Platform in action.