In an emailed statement, Syed Ali, managing director of Repository & Derivatives Services at DTCC, said: “As the financial services industry prepares for the upcoming implementation of the UK EMIR Refit on 30 September 2024, DTCC remains committed to ensuring a seamless transition for all market participants. The UK EMIR Refit represents a divergence from the EU EMIR reporting regime, with unique challenges and opportunities for those reporting under both jurisdictions.
“We recognize the complexities introduced by these new regulations, particularly the shift to standardized ISO 20022 XML reporting formats, increased reporting fields, and the mandatory use of Unique Product Identifiers (UPIs) and Unique Trade Identifiers (UTIs). We are currently in a five-month period where entities need to navigate dual reporting requirements under both the old UK EMIR and the new EU EMIR standards. DTCC has been actively engaging with clients to provide the necessary tools and support to navigate this period. We have been conducting extensive outreach, including roundtables and testing sessions, to ensure our clients are fully prepared for the new regulatory requirements.
“The UK EMIR Refit is a significant step towards a more robust and transparent derivatives market. The increased standardization of data fields and formats will enable better data aggregation and risk analysis, ultimately improving market integrity and investor protections. At the same time, broader adoption of standard reporting formats will increase interoperability and the efficiency of data exchange, reducing errors and speeding up processing times within the financial ecosystem. DTCC remains committed to supporting the industry through this important regulatory transition, fostering safer, more efficient, and transparent global markets.”