SmartStream Reference Data Services (RDS), a leading provider of financial reference data, announced the launch of an enhanced derivatives data service that provides in-depth information on futures-related transactions. This extension is crucial to meet the EMIR Refit reporting requirements.
The EMIR Refit initiative aims to enhance transparency and stability in the OTC derivatives trading market, which will come into force in April for Europe and September for the UK.
A major concern in the industry and among participants revolves around identifying unexpected data quality issues and navigating the complexity of reporting fields, particularly with commodities and energy derivatives. Financial institutions are actively seeking reliable and efficient methods for managing their securities reference data to meet these new requirements.
With RDS, additional features will be integrated into the RDS Listed Derivatives service and a standalone OTC derivatives service to support the full range of reference data required for commodity trading under the new EMIR regulation.
SmartStream RDS, known for providing quality reporting data as a managed service, will leverage its lifecycle expertise and highly specialized resources to deliver accurate data and tailored regulatory functions tailored to each financial institution, ensuring compliance with new standards EMIR Refit.
Linda Coffman, Executive Vice President of SmartStream RDS, states:
“The main challenges posed by this regulation – include completing the numerous new benchmarks for commodities and energy derivatives. Also to protect businesses from poor quality and inaccessible data, in addition to addressing regulatory requests for increased complexity in certain commodity and energy contracts. My advice to all market participants is to be prepared and develop the necessary technology to ensure the highest quality data to mitigate the risk of fines and reputational damage.”