In a surprising move last week Bloomberg has announced the decommissioning of their trade repository for EMIR reporting. The news was shared via an email explaining the service suspension was a board decision and will be finalised once all clients have been migrated to new providers.
Bloomberg told clients they will have just 30 days to decide on a new provider but it’s unclear if this timeframe includes getting new connectivity up-and-running or simply making the decision of who to move to. Companies are now faced with significant pressure to connect to new repositories, and in some cases demand is overwhelming providers in the race to secure EMIR reporting.
It’s important to remember that whichever repository you choose, you’ll need to consider what implementation changes should take place. This could include securing an sFTP server to connect with the provider, changes to field names, form layouts and different file types. Who you choose will have a significant impact on how smooth the migration will be, so keep the possible implementations in mind when making your decision.
At Synetec, we’re working diligently with our clients to ensure a smooth transition within this short timeframe. From previous experience in setting up trade reporting through Bloomberg we understand exactly what is required and how to complete the implementation quickly. Because of this, our clients came straight to us to manage their migration which ensured clarity on the time, scope and costs involved.
If you’re unsure how to proceed or think these tight deadlines could cause a problem for you and your team, get in touch with us at email@example.com.