Did you know that the European Market Infrastructure Regulation Regulatory Fitness and Performance Programme (EMIR REFIT) is transforming the commodity trading industry with new compliance requirements? In today’s fast-paced energy markets, staying compliant isn’t just important—it’s essential for maintaining your competitive edge and avoiding hefty penalties.
Key Changes Introduced by EMIR REFIT
Enhanced Transparency: EMIR REFIT aims to increase transparency in the derivatives market through stricter reporting requirements. This makes it easier for regulators to monitor and assess systemic risk.
Simplified Reporting: One of the significant changes in EMIR REFIT is the simplification of reporting requirements. This reduces the administrative burden on market participants while ensuring that all necessary data is captured.
Improved Data Quality: EMIR REFIT emphasises the importance of high-quality, accurate data reporting. The revised framework includes guidelines for data validation and reconciliation, ensuring the integrity of the information submitted.
Expanded Reporting Obligations: Companies engaged in energy and commodities trading must now report more detailed information on their derivative transactions to trade repositories. The number of reportable fields has increased from 129 to 203, adding complexity to the reporting process.
Clearing Threshold Adjustments: Changes in the thresholds for mandatory clearing of certain derivatives mean more trades need to be cleared through central counterparties.
Enhanced Risk Mitigation Techniques: New requirements for risk mitigation, including timely confirmation and portfolio reconciliation, are now in place.
Increased Data Requirements: New fields related to counterparty details and product classification must be included, which may require significant updates to existing data management systems.
These updates require trading companies to adapt quickly and efficiently to meet the new standards.
How Brady’s SaaS ETRM solution ‘Igloo’ Can Help
At Brady, we understand the complexities of regulatory compliance and are here to help you navigate this challenging landscape. Our ETRM software, Igloo, is designed to help you stay compliant with EMIR REFIT:
Automated Compliance Reporting: Our platform automates the generation and submission of detailed transaction reports, ensuring you meet all reporting requirements accurately and on time.
Clearing and Risk Management: We provide robust tools to manage clearing thresholds and implement necessary risk mitigation techniques, helping you stay compliant with the latest regulations.
Real-Time Data Integration: Igloo ETRM SaaS integrates real-time data, enabling you to monitor and manage your trading activities effectively and ensure compliance.
User-Friendly Interface: Designed with the user in mind, Igloo ETRM SaaS is intuitive and easy to use, reducing the learning curve for your team and ensuring seamless adoption of new compliance processes.
Igloo ETRM Software
With Brady by your side, you can focus on your core trading activities while we handle the complexities of regulatory compliance. Stay ahead of regulatory changes and ensure your operations are compliant with EMIR REFIT. Click here to learn more about Brady’s Igloo ETRM SaaS.
