The European Market Infrastructure Regulation (EMIR) Refit is a major overhaul of the rules governing the reporting of derivatives trades. The new regulations, which go into effect on April 29, 2024, introduce several significant changes, including:
- New reportable fields: The number of reportable fields is increasing from 35 to 124.
- New data formats: The data formats for reporting to trade repositories (TRs) are changing.
- New reconciliation requirements: Firms will need to reconcile their trade data with the data reported to TRs more frequently.
These changes will require firms to implement new systems and processes to comply with the EMIR Refit. EMIR Refit software can help firms achieve compliance by automating the reporting process and providing real-time visibility into their trade data.
What to look for in an EMIR Refit software solution
When choosing an EMIR Refit software solution, firms should consider the following factors:
- Support for the new reportable fields: The software should be able to support all of the new reportable fields that are being introduced by the EMIR Refit.
- Support for the new data formats: The software should be able to generate reports in the new data formats that are required by TRs.
- Reconciliation capabilities: The software should be able to reconcile trade data with the data reported to TRs on a real-time basis.
- Ease of use: The software should be easy to use and navigate, even for users with limited technical expertise.
- Reporting flexibility: The software should offer a variety of reporting options to meet the specific needs of different firms.
Best EMIR Refit software solutions
Here are a few of the best EMIR Refit software solutions on the market:
- Duco: Duco is a cloud-based data automation platform that offers a comprehensive solution for EMIR Refit compliance. Duco can help firms automate the reporting process, reconcile trade data with TRs, and generate reports in the required format.
- Control Now: Control Now is a trade reporting and compliance software solution that is specifically designed for EMIR compliance. Control Now offers a variety of features to help firms meet the new reporting requirements, including support for the new reportable fields, reconciliation capabilities, and reporting flexibility.
- Eurobase: Eurobase is a regulatory reporting and compliance software solution that offers a variety of modules to help firms meet their EMIR compliance needs. Eurobase offers support for the new reportable fields, reconciliation capabilities, and reporting flexibility.
Additional tips for choosing an EMIR Refit software solution
- Get demos from multiple vendors: Before making a decision, it is important to get demos from multiple vendors to compare their solutions.
- Talk to other users: Talk to other firms that are using EMIR Refit software to get their feedback on the different solutions on the market.
- Consider your budget: It is important to set a budget before you start shopping for a solution.
By following these tips, you can choose an EMIR Refit software solution that meets your specific needs and budget.
Conclusion
EMIR Refit software can help firms achieve compliance with the new regulations by automating the reporting process and providing real-time visibility into their trade data. When choosing an EMIR Refit software solution, firms should consider the factors listed above, such as support for the new reportable fields, data formats, reconciliation capabilities, ease of use, and reporting flexibility.
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