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The EMIR compliance game
With an EMIR deadline once again looming, firms will be hoping that second time around they are fully ready for the stressful demands of compliance. As many fell short of the 12th February EMIR traded report deadline they should in theory, have been far better prepared for the next key EMIR deadline of 11th August, 2014. With financial counterparties (FCs) and non-financial counterparties over the clearing threshold (NFC+s) now also having to report valuation updates and details of collateral posted. How can overall EMIR compliance across the sector finally be achieved? Most institutions seem to have gained a foothold on the ladder to EMIR compliance, or at least none will knowingly and publicly admit that they do not. However, firms now need to objectively review their market position and plan for the next phases of EMIR implementation. There remain various challenges ahead and ladders to climb with the rules of the game ever changing on the road to EMIR compliance.
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