It is no surprise that there have been a number of issues with the trade reporting mandate in Europe. In implementing the G20 financial reform programme, EMIR (the European Market Infrastructure Regulation) called for both sides of a transaction to be reported and a complex data field to be filled, with no uniformity of creation behind the identifiers that are crucial to identifying and matching trades.

The idea of trade reporting was central to the 2009 G20 financial reform response to the global crises that swept through international markets. The idea was a simple one; get all trading counterparties to report their transactions and then global regulators would have previously impossible transparency into global financial activities. As with many things, however, theory and practice and have been far removed from one another.

It is Friday afternoon, 12 June, 2015. What are the gross and net exposures to Greek debt, in bank loans and guarantees, in securities or derivatives on and off exchange, in standardised OTC reported to trade repositories, and non-standardised contracts which are not?

ICE Trade Vault Europe, one of six approved European trade repositories authorised by ESMA (the European Securities and Markets Authority) to offer reporting functionality under EMIR (the European Market Infrastructure Regulation), has extended its trade repository registration to include the receipt of FX derivatives reports. The extension has been approved by ESMA.

As trade reporting under EMIR (the European Markets Infrastructure Regulation) enters its second year, a number of issues still remain unresolved. In an attempt to resolve some of the transparency issues around the mandate, which is designed to afford transparency into derivatives trading activities, ESMA (the European Securities and Markets Authority) has launched the Trade Repositories Project.