EMIR (for European Market Institution Regulation) regulates over-the-counter (OTC) derivates, such as forward contracts, and includes reporting as well as risk management standards.
The objective of EMIR is to reduce systemic counter-party and operational risk and help prevent financial system collapses.
iBanFirst and their clients are subject to EMIR. As such, some obligations apply, including:
- Clients must be identified by a unique identified called LEI (for Legal Entity Identifier)
- Every new forward contract must be reported as well as any forward contract modification
- Collateral deposited by iBanFirst clients must be reported
Clients can get an LEI or renew an existing LEI from any LOU (for Local Operating Unit), including:
iBanFirst can also take care of getting an LEI or renewing your existing LEI for you.