The European Securities and Markets Authority (ESMA) has fined trade repository UnaVista €238,500 ($279.5) for eight breaches of the European Market Infrastructure Regulation (EMIR).
The breaches relate to failures in ensuring the integrity of data and providing direct and immediate access to regulators. The breaches, committed between 2016 and 2018, were found to have resulted from negligence on the part of UnaVista.
Anneli Tuominen, ESMA’s interim chair, said in a statement: “The provision of timely and accurate data to CCP and derivatives markets supervisors is an essential requirement in facilitating the monitoring and identification of systemic risk in EU derivatives markets.”
UnaVista failed to ensure the integrity of the data reported to it due to various data processing incidents, including: incorrect field ordering logic; incorrect mapping rules; and crossed date boundaries.
The trade repository also failed to provide direct and immediate access to regulators by:
- generating incorrect or unreliable reports for regulators, due to incorrect field ordering logic, incorrect mapping rules and crossed date boundaries; and
- not providing regulators with direct and immediate access to trade state reports and historic trade state reports, due to missed data exports and to non-existent functionality respectively.