Banks struggling with European reporting rules
Reporting infrastructure built to fulfil Dodd-Frank requirements will need to be revamped to meet Emir standards, say banks
Having met deadlines for reporting trades to a data repository under the US Dodd-Frank Act, banks are turning their attention to reporting in the European Union (EU) under the European Market Infrastructure Regulation (Emir). And they're finding the new regulation throws up more issues than expected.
"There was a general view that because data had already been sent to the US Depository Trust & Clearing Corporation (DTCC) and been onward reported, the big building blocks were in place. That's not
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