The ACT has argued for single sided reporting (SSR) in EMIR, calling for reporting by Financial Counterparties (FCs) only. ISDA has led a further call for SSR amongst FCs as well as for transactions with NFCs, arguing that reporting will be simpler and more efficient despite the sunk cost of compliance. The ACT have become signatories to this paper which present a strong argument and shows that the pairing issues extend beyond corporates. EU members are reminded that their reporting obligation continues even if they have delegated reporting to their FCs, and that the 2015 review of data by ESMA showed that approximately 14% by nominal value of large NFC- derivatives were reported as “non-hedging” which in addition to anecdotal evidence from members does suggest a high degree or incorrect transaction reporting remains within the Trade Repositories databases.
