NEX develops reporting service for rewritten EMIR rule

Service applies to OTC derivatives reporting regulation due to come into effect in October.

NEX Regulatory Reporting has launched a reporting service for the rewritten EMIR regulatory technical standards (RTS) due to come into effect in October.

The tool has been added to NEX’s global reporting hub and allows users to upload multiple transaction data in various formats for data determination, reconciliation and validation before being sent to the regulator.

The rewritten EMIR rule applies to OTC derivatives and aims to reduce risks associated with clearing and improve transparency.

Collin Coleman, head of NEX Regulatory Reporting, explained the rewrite is set to be implemented soon yet it is currently overlooked by MiFID II.

“The revised rules from ESMA significantly increase the level and complexity of reporting required by regulators and affect both existing reporting institutions as well as those that haven’t yet had to report under EMIR,” he said.

NEX has been providing EMIR reporting services since it was first implemented in 2012, with around 7 million EMIR transactions processed per day.

“With the rewrite looming, we encourage market participants to ensure they have a solutions provider in place now, to prevent a last minute scramble towards the end of the year,” Coleman added.