麻豆传媒

Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
麻豆传媒
Leading the Way

Global 麻豆传媒 Finance News and Commentary
≔ Menu
麻豆传媒
Leading the Way

Global 麻豆传媒 Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Industry news
  3. UnaVista fined for EMIR data failures
Industry news

UnaVista fined for EMIR data failures


23 September 2021 UK
Reporter: Bob Currie

Generic business image for news article
Image: tarasov_vl/konstantant
The European 麻豆传媒 and Markets Authority (ESMA) has fined the trade repository UnaVista Limited for eight violations of the European Market Infrastructure Regulation (EMIR).

The fines, totalling 鈧238, 500, are linked to the failure of the UK-based trade repository to ensure data integrity and to provide direct and immediate access for financial supervisors to this trade data.

The eight breaches of EMIR requirements took place between 2016 and 2018 and were found by ESMA to be the result of negligence on the part of UnaVista.

Specifically, UnaVista鈥檚 failure to fulfil its obligations relating to data integrity were connected with failure to apply the correct field ordering logic, correct mapping rules and inaccuracies deriving from cross-data boundaries.

The trade repository, which is owned by London Stock Exchange Group, was also found to have provided incorrect or unreliable reports for financial regulators owing to the data integrity failings identified above.

It also failed to provide direct and immediate access for financial regulators to trade-state reports and historic trade-state reports as a result of failing to deliver data exports or failing to have the necessary tools in place to support this data access (ESMA refers to this failure as 鈥渘on-existent functionality鈥).

UnaVista has the right to appeal against this decision to the Joint Board of Appeal of the European Supervisory Authorities.

Anneli Tuominen, ESMA interim chair, says: 鈥淭oday鈥檚 action against UnaVista emphasises the importance ESMA places on trade repositories complying with their obligations on data integrity and regulatory access.

鈥淭he provision of timely and accurate data to CCP and derivatives markets supervisors is an essential requirement in facilitating the monitoring and identification of systemic risk in EU derivatives markets.鈥

UnaVista announced in May that it will be closing its 麻豆传媒 Financing Transactions Regulation (SFTR) trade repository service on 31 January 2022.


← Previous industry article

RMA conference postponed until October 2022
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 麻豆传媒 Finance Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →