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ESMA harmonises position calculation for trade repositories

27 March 2018

The European Securities and Markets Authority (ESMA) has today published guidelines on how trade repositories (TRs) should calculate derivative positions under the European Market Infrastructure Regulation (EMIR). 

The Guidelines set out a consistent approach for the calculation of derivative positions by European TRs. Currently, ESMA has registered eight TRs under EMIR.

Calculation of positions in derivatives is crucial for the assessment of systemic risks to financial stability. The positions calculated by TRs will give EU authorities comprehensive sight of derivatives’ exposures. TRs should follow these guidelines to ensure that they produce consistent and harmonised position calculations for public authorities, such as conduct regulators, central banks, prudential and resolution authorities.

The guidelines will be translated into the official languages of the EU and become applicable by 3 December 2018.