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The new guidelines will urgently address trade reporting for exchange-traded derivatives. Rodrigo Buenaventura, head of markets at ESMA, said: “The EU is one of few jurisdictions that decided to apply new derivatives rules to exchange-traded products, as well as over-the-counter swaps. ESMA is aware of the technical issues on the reporting of exchange-traded derivatives. We are currently working on providing more clarity to the industry by issuing guidance on how to report these instruments as soon as possible.”
Uncertainty over the new rules arose after ESMA asked those firms applying to become trade repositories – which will collect and publish data on derivatives trades to improve transparency – for extra information. Given a 90-day period needs to elapse between approval of a trade repository and the first reporting obligation, these demands for extra information have already delayed new rules for at least three months.
Buenaventura said: “EMIR did not contain a budget supplement but did require ESMA to send a report by December 2012 to the European Commission, Parliament and Council that detailed the resources we need to carry out our duties under EMIR. So far, there has been no change to our budget, so we have diverted resources from other areas to deal with our responsibilities under EMIR, which generally are on track.”
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