Data transfer between EMIR trade repositories must be as simple as possible

According to the Market Infrastructure Regulation EMIR banks must report derivative transactions on behalf of non-financial companies. It is therefore up to the non-financial companies, to stop reporting for themselves, which was required earlier. However, the legacy contracts must be transferred to the bank's trade repository, which is very burdensome. In its response to an ESMA consultation, we point out that this data transfer must be as simple as possible