How to switch your EMIR Trade Repository
Why you should be assessing your Trade Repository
As EMIR has progressed firms have realised the importance of using a trade repository that can keep up with ESMA's requirements for improved validation, inter-TR reconciliation and helping firms with improving their exception handling. As previous regulations like MiFID have taught us, as regulations mature there is increasing scrutiny placed by the authorities on the quality of reporting from the firms. For this reason its important to be confident that what you are reporting is timely, accurate, validated and reconciled from day one.
What you can do about it
The seven registered trade repositories have come together to agree on a harmonized methodology for migrating clients from one trade repository to another. This process makes it as simple as possible for firms looking to switch. UnaVista have already helped a number of firms migrate their EMIR reporting on to UnaVista's Trade Repository using this method.
UnaVista's EMIR UAT
UnaVista's EMIR trade repository UAT (User Acceptance Testing) environment for the revised RTS went live on 4 September 2017 with clients currently testing.
If you are not receiving the service you need from a trade repository, or you feel they are always playing catch up with ESMA's requirements then you should consider switching to UnaVista Trade Repository, before this reflects on your firm. UnaVista Trade Repository provides all of the functionality a trade repository should do including:
- Compliant with ESMA's requirements from day 1
- UAT systems available to test on well in advance of ESMA's deadlines
- An easy to use interface
- Advanced filtering
- Management reporting dashboards
- Flexible connectivity
- Training courses and support
The final training session on the revised EMIR RTS before the regulation goes live will take place on 16 October, here at the London Stock Exchange. Register for the workshop to gain complete insight into the changes and ensure you are a step ahead.