Forex as well as binary options brokers will have their work cut out for them since as from 12th February 2014, which is less than a month from today, they will be obliged to report on a daily basis the details of any derivative contract concluded, modified or terminated to a Trade Repository licenced by the European Securities and Markets Authority (ESMA). This obligation stems from the European Market Infrastructure Regulation (EMIR), which besides the reporting requirement, also introduces a clearing requirement through a central counterpart, as well as capital and risk management requirements.
It is very important to point out that the reporting obligation stemming from the EMIR, applies not only on derivatives entered on or after the date of the regulation’s entry into force, but also on all those contracts that were still outstanding on that date. Since the official registration of the first four Trade Repositories was announced on 14 November 2013, the reporting obligations will be effective, with no exception, on 12 February 2014. This tight deadline means that all forex and binary option brokers must now act quickly and decisively in order to be able to meet the reporting requirement. The sheer volume of the data involved in this task however, renders it particularly burdensome, while the associated considerable extra cost should not be overlooked.
Fortunately not everything is gloomy, as forex and binary options brokers can now opt for an efficient and economical solution for EMIR reporting, in the form of a newly launched product by the leading financial services consulting firm MAP S.Platis. Building on its proven extensive experience and expertise in the field - testament to which is its success to be the firm consulting most of the CySEC regulated brokers currently operating - MAP S.Platis breaks new ground yet again by offering a timely reporting service. MAP-ERS is an economical reporting aggregator service covering all asset classes and therefore enabling EU financial services firms to deal with this recent and complicated EU reporting requirement, efficiently and economically. Along these lines, MAP-ERS, has been designed and developed by Europe’s leading financial services consultants, with special attention to brokers and market-makers who deal in rolling spot (non-deliverable) forex, CFDs, binary options as well as other exchange-traded and OTC derivatives.
Speaking about the launch of this independent solution, Dr. Stelios Platis, Managing Director of MAP S.Platis, highlighted that “along our commitment to support the sector, MAP-ERS has been developed to provide Europe’s financial industry with its most efficient and economical independent solution for EMIR reporting, and in this respect we have put in place a number of specific discounts and packages to ensure this”.
As the EMIR reporting obligation is all encompassing and affects all firms trading derivatives, and since the deadline for its coming into force is looming, binaryoptionswire.com recommends all the affected firms to take a closer look at this innovative, new product and take advantage of the special fees offered. The registration for joining MAP-ERS and being able to participate in the 12th February 2014 reporting, is set for Friday 31st January 2014.
