The European Securities and Markets Authority (ESMA) has recently updated regulatory and implementation technical standards concerning reporting. These new regulations are set to become effective in the EU on 29th April 2024, while the UK EMIR Refit will be introduced in the UK on 30th September 2024.
A key requirement for the EMIR Refit programme is the reconciliation of OTC derivatives. In response, SmartStream provides pre-built reconciliations solutions and workflow management, overseeing the trade and its process legs throughout the entire lifecycle.
SmartStream’s collateral management solution supports the evolving requirements stemming from EMIR. All firms can benefit from its portfolio management, reconciliation, dispute workflow, reporting, limit and threshold monitoring, as well as its ability to classify counterparties and product types in order to manage the margining of cleared and bilateral transactions.
With many of the new reportable fields introduced by EMIR Refit focusing on commodities and energy, obtaining the necessary reference data presents a challenge. SmartStream’s reference data, a managed service, ensures the provision of comprehensive, accurate, and timely reference data. This service proves to be a simple and cost-effective source of reference data that clients in the UK and EU can rely on for critical regulatory reporting and risk management operations.