New trade reporting opportunities. As Laurent Collet, Partner Advisory & Consulting at Deloitte Luxembourg, explains, “The implementation of the EMIR reporting was one of the most challenging reporting issues for firms in the past year. In light of the recent reforms, no one can afford to approach trade reporting in an ad hoc manner. All financial entities need to plan ahead.”

Regulatory reforms designed to address risks to the EU financial system

Risks to the EU financial system have intensified in the past six months, according to the most recent Report on Risks and Vulnerabilities in the EU Financial System by The Joint Committee of the European Supervisory Authorities (ESAs). These regulatory reforms aim to mitigate risks to the EU financial system. Ongoing reforms include the European Markets Infrastructure Regulation (EMIR), Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

Long-term strategy crucial

To respond to these important reforms, firms will need to develop long-term strategies for their trade reporting models. MiFID II and MiFIR are expected to come into force in 2017, alongside several other changes to reporting requirements in the European Union, Switzerland and Singapore.

To comply with these trade reporting regulations, firms will require a holistic view of reporting compliance. Efficient, reliable and scalable reporting architecture and IT infrastructure will also be crucial.

Read Deloitte’s new briefing, When EMIR met MiFIR… New trade reporting opportunities

Further reading

Fifth Report on Risks and Vulnerabilities in the EU Financial System, The Joint Committee of the European Supervisory Authorities (ESAs)