NEX has launched a solution to support the EMIR Regulatory Technical Standards (RTS) rewrite as part of its regulatory reporting business. Due to come into effect on 28 October 2017, ESMA’s EMIR RTS rewrite aims to improve the transparency of the OTC derivatives market and reduce associated risks such as the mandatory clearing of some asset classes and the attribution of collateral against open positions, posted to secure these positions.
NEX Regulatory Reporting has provided EMIR services to its clients since the initial regime came into effect in August 2012, and the platform is expected to receive approval to become a European-based trade repository this year. Of the 15 million transactions that NEX Regulatory Reporting processes per day, seven million are EMIR transactions. Based on recent ESMA data, this equates to roughly 20% of the average daily volume of all EMIR reportable transactions to ESMA.