Corporates held up as start of Emir reporting looms

With days left until derivatives reporting rules take effect in Europe, corporates still have work to do – and they say it’s not all their own fault. Some are still waiting on banks to provide trade identifiers, while others say they have been held back by slow-moving regulators. By Fiona Maxwell

At an industry event in London last month, an executive at one trade repository recalled his conversation with a corporate treasurer in August 2012, after the completion of the European Market Infrastructure Regulation (Emir) set the continent’s derivatives users on the road to mandatory reporting of listed and over-the-counter trades. “What’s the fine for non-compliance?” asked the treasurer, prompting the executive to admit he did not know. “Well, come back to me when it’s greater than the