There is one month remaining until the implementation of the UK EMIR Refit. In emailed commentary, Syed Ali, managing director of Repository & Derivatives Services at DTCC, writes:
“Numerous firms falling under the remit of the new UK rules will have already had first-hand EMIR Refit experience, having worked to comply with the EU Refit in April. The UK EMIR Refit however represents a divergence from the European reporting rules, posing unique challenges and opportunities for market participants reporting under both jurisdictions.
“The new requirements will demand not only technical adjustments but also a strategic approach to data management and reporting practices. DTCC has been working in close collaboration with the industry to drive market participant readiness and to provide support as the deadline approaches. Yet again, early testing has proven invaluable in helping firms to achieve early preparedness for the new regime.
“The UK EMIR Refit is a crucial step towards strengthening the derivatives market, driving data standardization, improving data aggregation and risk analysis, and paving the way for enhanced market integrity and investor protection. DTCC will continue to support the industry through this important regulatory milestone, fostering safer, more efficient and transparent global markets.”