EMIRate is a cloud-based SaaS solution developed by Treamo Business Consulting designed to enable EMIR reporting compliance. EMIRate supports the reporting requirements of entire groups, i.e. group treasury’s trades with banks, internal intra-group trades as well as trades concluded between a group subsidiary and a bank. EMIRAte has been designed for all sizes of corporates generating <100k trades per year.

Data capture and data flows
With a simple mapping mechanism of instrument fields into the pre-defined fields of the trade repository, all kinds of derivative instruments of all asset classes can be reported. EMIRate contains a user-friendly and configurable import interface to import flat files or spreadsheets from existing trading systems. (Treamo have already built template files for WSS, IT2, 360T to facilitate data collection.) Alternatively, a user-friendly user interface on the browser – tailored to instrument specific fields – can be used to create or modify trades manually.

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EMIRate reports trades via XML files, it receives then a return message from the trade repository that confirms the correctness of data sent together with the status of the trade. 

REGIS-TR is the trade repository of choice. However, EMIRate can connect to other trade repositories, if required.

Reporting
EMIRate contains a reporting dashboard to show all trade status information (trade delegation, trade reconciliation) and provides the related workflow control. All information is available for analysis either in EMIRate by applying various filters - grouping and sort options, or by exporting data for analysis with EXCEL, etc.:

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Additional reports on clearing threshold calculations and portfolio reconciliation are available.

Customer on-boarding
EMIRate can be made available to clients within 24 hours after placement of the order. If additional interfaces are required, this could take additional days. Next steps are then the population of master data, i.e. global default values, counterparty and legal entity information, user set-up and permissions.

Treamo Business Consulting also offers 3rd party reporting services, e.g. corporates can delegate their reporting obligation to Treamo, who will carryout the whole process, saving the corporate treasury departments considerable time and administration.

Charges
Charges are subject to the number of trades reported over a year in combination with typical average maturity of the trades. Below is Treamo’s indicative fee structure:

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The EMIRate service fee is an 'all-in' fee, based on fair use, including:

• fees to be paid to REGIS-TR (no other fees will apply in case along as Treamo's 3rd party reporting services are used)
• use of EMIRate and the Cloud infrastructure (Microsoft Windows Azure)
• unlimited legal entities and users
• general support.

There is also a one-time ‘on’-boarding’ fee of EUR 2,000, which covers:

• technical setup of the individual client's version of EMIRate
• setup of the interface for the import of transactions prepared in *.xlsx or *.csv format
• pre-configured spreadsheets and interfaces for the import of companies and counter-parties (e.g. banks)
• standard reports for portfolio reconciliation, clearing threshold calculation, maturity profile, etc.
• backloading of trades.

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Both Mysis’s and Treamo Business Consulting’s EMIR regulatory reporting solutions are cloud based SaaS solutions. The differentiation between these solutions will come down to things like: the and quality of the data collection interfaces, the number of Trade Repository connections, customer service and their experience with the details of the EMIR regulatory requirements. The fight is on for the corporates’ EMIR regulatory reporting business. This competition can only help to improve the services. Which company will announce their EMIR reporting service next?