UnaVista EMIR Delegated Reporting

UnaVista EMIR Delegated Reporting

What is EMIR Delegated Reporting?

EMIR is designed to increase the transparency of European ETD and OTC markets and monitor systemic risk. As of 12 February 2014 details of all derivative transactions must be reported to an approved Trade Repository such as UnaVista if one of the counterparties is a registered entity within the EEA.

UnaVista has created a suite of delegated reporting products to help reduce the pressure on the back office infrastructures of firms who fall within EMIR’s jurisdiction. The model enables any counterparty to a trade to ‘delegate’ its reporting obligation to the other counterparty to the trade or to a third party service provider.

How UnaVista’s EMIR delegated reporting works

UnaVista’s delegated reporting solution allows any counterparty to a trade to delegate reporting to their counterparty or to a third party service provider. The delegated reporting model also allows firms to take on the reporting responsibilities of multiple clients. This can be firms who do not have the resources to adjust to the requirements of EMIR or firms that consider delegation a more efficient model by which to report. UnaVista has created bespoke delegation products for each individual client – the model below outlines the ‘delegated Reporting’ concept:

1.   ‘Delegating’ counterparty provide details of their static data (i.e. broker ID) to its counterparty or third party administrator.
2.    The ‘submitting’ party then submits their client’s data if they are a third party administrator, or both their data and their counterparty’s data in any standard UnaVista format
3.    UnaVista then applies bespoke logic, formatting and feedback for submitted data including details of rejected fields on customised management dashboards
4.    If the ‘delegating’ counterparty requires access rights to the data submitted to UnaVista, the delegated reporting product can be customised to allow:

         I.   View-only access
         II.  Ability to edit some fields
         III. Ability to submit and edit some fields (ie valuation fields)

What this service can do for the sell-side

Provide your clients with and enhanced service

  • Complex reporting task simplified by UnaVista meaning minimal impact on you and your clients’ BO resources.
  • Reconciliation of trade data and instantaneous rejections feedback via GUI.
  • Reports on your exceptions including areas for improvement
  • UnaVista will calculate position data for you.
  • Buy-side has minimum reporting effort but retains the mandate to report correctly.
  • Full support team to handle client and sell-side queries.

Flexibility to meet a variety of your clients needs

  • Raw data can be submitted in any UnaVista standard format to accommodate for various preferences in BO language – including FPML, Excel, .csv, XML
  • Multiple delegated reporting models offered to accommodate varying client requests and requirements

Be ahead of your competition

  • Research undertaken through client meetings suggests that buy-side firms are inclined to choose the services of those sell-side firms who offer a delegated reporting service for all asset classes in their portfolio.
  • Compete with tier one banks who have already confirmed they will be offering this service. 

Why choose UnaVista?

  • Following on from the UK’s decision to leave the EU, UnaVista TRADEcho B.V an approved trade repository by ESMA is helping EU based firms fulfil all aspects of the reporting requirements set out by EMIR.
  • UnaVista Ltd will continue to operate as a trade repository for UK firms
  • Utilise experience gained as a market leading regulatory reporting solution for thousands of firms reporting over 8 billion transactions per year
  • Advanced and customisable management information dashboards offer a rapid overview of your data
  • UnaVista accepts multiple raw data input formats
  • No manual processes from input to submission
  • Dedicated support team from testing to client queries 

Get in touch with us about delegated reporting