Not sure if you noticed this but Tuesday (June 25th) came and went and not a single trade repository was registered by ESMA. And so the indicated reporting start date for interest rate and credit derivatives of September 23rd is not achievable anymore.
... well, think again, as the DTCC confirmed a whopping 65,000 entities have been registered and certified via the CFTC Interim Compliant Identifier (CICI) utility until April 10th, the deadline imposed by the CFTC to get such an identifier if you want to continue trading in the swaps market. This number includes market participants from over 100 jurisdictions with a little more than half of it coming from the US.
Post-trade vendor specialist Omgeo has announced the expansion of ProtoColl, its collateral and margin management product, to cater for regulatory measures. Provisions in both the US Dodd-Frank Act, and the European Market Infrastructure Regulation (EMIR) have introduced central clearing and new eligibility criteria for collateral. ProtoColl allows for asset managers to monitor their margin and collateral requirements across the entire trading landscape, and an automated collateral-selection function which grades the available assets and suggests which to use for specific trades.
OTC clearing processes are officially up and running since March 11th for the US category 1 firms, but at the same time operational risk fears build up as market participants strive to fine tune all parts of the clearing chain.
Yesterday, the CFTC provided a no-action relief to all swap counterparties not being an SD or MSP that they do not need to report trades to a swap data repository. The relief runs until end-May, end-July, end-September and end-October respectively depending on the counterparty's status as well as the relevant instrument type. It is being differentiated between "financial entities" and "non-financial entities," with non-financial entities getting more time.