Abstract

EMIR data includes all OTC and ETD derivative trades across multiple asset classes between financial and/or non-financial counterparties (including CCPs). The data reflects a “dual-sided” reporting regime when two counterparties are domiciled in the UK, suggesting that the same transaction appears twice in the data, as both counterparties are obliged, by regulation, to submit their reports through the trade repositories. It may be argued that this practice leads to a duplication of reports, adding costs to the industry and causing analytical challenges for the authorities. This presentation aims to focus on the brighter side of the story by arguing the potential benefits of dual-sided reporting for both the industry and authorities, without losing sight of the costs and challenges associated with it.