EMIR (European Market Infrastructure Regulation) regulates over-the-counter (OTC) derivatives, such as forward contracts, and includes reporting and risk management standards.
The objective of EMIR is to reduce systemic counterparty and operational risk, helping to prevent financial system collapses.
Both iBanFirst and its clients are subject to EMIR regulations. As such, several obligations apply, including:
Clients must be identified by a unique identifier called LEI (Legal Entity Identifier).
Every new forward contract, as well as any modification to an existing forward contract, must be reported.
Collateral deposited by iBanFirst clients must also be reported.
Clients can obtain an LEI or renew an existing one from any LOU (Local Operating Unit), such as:
Insee LEI France (for French companies only)
GMEI Utility
Bloomberg LEI
EQS LEI Manager
iBanFirst can also assist in obtaining or renewing your LEI on your behalf.