Big European companies reject third-party reporting for derivatives
Corporates fear they will still pay the penalty if mistakes are made by delegated reporting services
Large corporates are ignoring a reporting short-cut in the European Market Infrastructure Regulation (Emir) that allows them to delegate the job to a third party, arguing they will be forced to do much of the work anyway and would still shoulder the risk of something going wrong.
Companies are currently expected to start reporting their derivatives trades to new repositories from February 12, but have been given the option of delegating that work to a third party – the obvious choice being a
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