Abide Financial, which provides reporting services, said there is likely to be further changes to the European Market Infrastructure Regulation as regulators try to globally harmonise reporting of Unique Product Identifiers.

Chris Dingley, global transaction reporting sales at Abide Financial, said in a blog that the recommendations last month from the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions interact awkwardly with the proposed timelines for the Emir reporting proposals from the European Securities and Markets Authority.

“The Esma position that no globally recognised UPI would be available is now contradicted by the IOSCO paper,” said Dingley.

The IOSCO consultation made proposals for a harmonised global UPI, made up of a product classification system and associated code, which will be used to identify over-the-counter derivatives products that have to be reported to trade repositories. The consultation period ends on 24 February 2016.

Dingley said the IOSCO proposals are likely to lead to a further round of Emir change.

“It is possible to anticipate a new round of Emir reporting change to accommodate the UPI model, following on from the reporting standards update scheduled for January 2017,” he said. “It is of course possible that Emir will map onto the global standard sufficiently that the UPI can be inferred centrally.”

Dingley added that there may also be changes to the trade reporting requirement under MiFID II, regulations covering European financial markets which are due to be implemented in January 2017 but may be delayed.

A meeting this month hosted by the Financial Conduct Authority, the UK regulator, warned that a delay in the implementation of MiFID II will not solve the problems in the quality of data needed to comply with the new regulations.

The minutes of the meeting said: “The challenge of the lack of quality data for the application of various provisions in the legislation including pre and post-trade transparency was noted by one association. Even if there was to be a delay to the date of application, that would not solve these data problems.”