This Wednesday the European Securities and Markets Authority (ESMA), a European regulator, released its first annual report detailing the supervisory measures carried out by national competent authorities (NCAs) under the European Market Infrastructure Regulation (EMIR).

As with almost every document ever released by ESMA, today’s report is filled with a plethora of acronyms and nebulous language. In essence the report details what steps NCAs (ie. regulatory bodies) have taken to ensure firms comply with reporting obligations, set out by EMIR, regarding over-the-counter (OTC) derivatives contracts.

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Launched in 2014, EMIR’s reporting standards ... (read more)