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.