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Windsor Brokers Successfully Complies with EMIR Deadlines

Windsor Brokers, the Cyprus-based Forex broker, has announced that it managed to successfully meet the reporting deadlines under the European Market Infrastructure Regulations (EMIR). And there's nothing astonishing about the fact that a Forex broker boasts its compliance with the new rules, given the huge amount of fresh obligations which fell on EU companies engaged in OTC derivatives trading on February 12, 2014. 

 
The EU Regulation No 648/2012 (the official name of the set of rules) imposes: 
 
- Obligation for clearing via Central Counterparty Clearing House (CCP);
- Obligation for the introduction of risk reduction mechanisms;
- Obligation to report trades to a certified trade repository.
 
The last demand, contained in the famous Article 9 of EMIR, has caused particular headache to many Forex companies, as it involves finding a trade repository authorized by the European Securities and Markets Authority (ESMA) and then reporting all derivatives transactions to it. The reports should be delivered not later than a day after the execution of the contracts. Now you should be getting the idea on why Forex brokers have not applauded the new red tape they encountered.
 
And while many FX brokers are still struggling to get to grips with the new rules, Windsor Brokers announced that it had managed to comply with the reporting requirements from day one. Moreover, Walid Assaf, Windsor’s Project Leader for EMIR reporting, stressed that the broker had chosen to report directly to the TR instead of using the services of a third-party firm. He noted that at that point the broker had all of the necessary technological infrastructure to handle the reporting.
 
The scope of instruments covered by EMIR is rather wide – it covers even binary options. It would be very interesting to see how binary options brokers that still have to get used to the idea of any regulation whatsoever now grapple with these extra harsh requirements.
 
The European authorities attribute the measures to their efforts to avoid any repetition of the financial meltdown from 2008 – OTC derivatives are blamed to a great extent for the crisis.
 
 

About Windsor Brokers Ltd. 

 
Windsor Brokers Ltd. offers Forex, CFDs and Futures (OTC) trading. Benefits offered to investors include: MT4 trading platforms; Multiterminal and Mobile trading, 7 account types, interest-free accounts, variety of funding methods, spreads as low as 0.2 pips, leverage up to 1:500, hedging capabilities, market reports, educational material, webinars and a 24/5 client support in 13 languages. 
 Windsor Brokers Ltd. is licensed/regulated by CySec (Cyprus), EEA authorized by the FCA (UK), registered with the AMF (France) and BaFin (Germany) and complies with MiFID.
 
TAGS: windsor brokers  windsor brokers forex broker  cyprus forex broker  emir  forex regulation  eu forex  forex market  forex rules  emir compliance  emir reporting  forex report  forex trading 

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