Esma: swap reporting rule-breakers shouldn't ‘sleep calmly’
“Nobody is talking about millions in fines yet. But we need to ensure... we aren't talking about millions in fines seven years from now,” Esma official tells conference
European regulators do not have endless patience for market participants that are breaching the continent's derivatives reporting rules, even if it is through no fault of their own, a senior staffer from the European Securities and Markets Authority (Esma) has suggested.
Firms subject to the reporting requirements of the European Market Infrastructure Regulation (Emir) are free to send the trade to any one of Europe's six authorised trade repositories. Where those trades are not stamped with a
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