G-SIBs back Derivatives DRR programme for EMIR Refit

G-SIBs back Derivatives DRR programme for EMIR Refit

LondonMarch 23, 2021 — Many U.S. and European globally systemically important banks (G-SIBs) have seconded staff to a digital regulatory reporting (DRR) project that mutualises derivatives reporting rules interpretation, expresses those rules as computer code in alignment with trade association-agreed best practices. The project is training 25 G-SIB-supplied specialists to study the data fields required for the European Market Infrastructure Regulation (EMIR) Refit implementation and to produce and test code to populate those fields correctly using REGnosys’ Rosetta platform.

“There is industry appetite to tackle the derivatives reporting rules, judging by the quality of the global institutions to go for it. Regulatory regimes continue to change and be adjusted and firms are saying there is a significant efficiency proposition for us,” said Leo Labeis, CEO, REGnosys.

Bank of America Merrill Lynch, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs and JPMorgan are among the project’s backers.

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