The need for firms reporting derivatives to make use of a Legal Entity Identifier is driving the emergence of a federated network of national issuers.  The current list of issues includes:

According to this Risk article, it would seem that the UK's Financial Conduct Authority has lined up with US regulators to give FX fowards (and presumably swaps) an exemption from EMIR reporting

Reacting to re-regulation will take "until close to the end of this decade", says Barclays CEO Antony Jenkins at Davos as quoted in this article from the FT(subscription required).

ASX announced support for its OTC clearing service from leading dealers, the news release is here. Banks include:

Cleared notionals at HKEx have reached a little over USD 50m, given the previous story on Shanghai Clearing it is interesting to see the

Clearing for RMB IRS has begun in China

One of the deferred problems with the EMIR approach to Trade Reporting is post Feb 12th when ESMA requires all the TRs to attempt to match the submissions in a multi-lateral mashup. EMIR allows each party to a trade to report to their chosen TR, nice to have freedom of choice, but each TR has a difference technology platform and data specifications. For ESMA to re-assemble this broken mirror into something coherent, each TR must attempt to compare the same trade submission using LEI and UTI as a key, and provide matching results back to submitting parties.

Some time between now and the middle of next year a mandate to clear will come into force, but until then ESMA have been undertaking considerable consultation with market participants.