As per market participants’ feedback there is struggle amongst reporting counterparties with the major issues such as low LEI participation, valuations, UTI management, and various trading scenarios.
ESMA proposes 3 general categories of changes in reporting:
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- Clarification of certain fields and the respective descriptions.
- By way of introduction of new fields and values.
- Existing reporting fields will be incorporated to the Q&As logic.
Probable enforcement of proposed changes in Q4 of 2015 since deadline for consultation is 13th February 2015 and we should expect final recommendations from ESMA to European Commission in Q2-Q3.
Market participants will need to adjust their reporting processes accordingly. On- boarding, trading and other related systems which to be aligned with the new data requirements.