{"id":27344,"date":"2026-05-28T09:00:45","date_gmt":"2026-05-28T08:00:45","guid":{"rendered":"https:\/\/smart.stream\/emir-refit-rapprochement-de-la-phase-2\/"},"modified":"2026-06-19T11:54:20","modified_gmt":"2026-06-19T10:54:20","slug":"emir-refit-rapprochement-de-la-phase-2","status":"publish","type":"post","link":"https:\/\/smart.stream\/fr\/emir-refit-rapprochement-de-la-phase-2\/","title":{"rendered":"EMIR Refit &#8211; Rapprochement de la phase 2"},"content":{"rendered":"<div class=\"right\">\n<p>par Rahul Verma, gestionnaire de produits, Smartstream<\/p>\n<\/div>\n<h4>Vos donn\u00e9es de r\u00e9f\u00e9rence sont-elles pr\u00eates pour la prochaine vague de rapprochements ?<\/h4>\n<div class=\"right\">\n<p>La phase 2 du rapprochement EMIR est plus vaste. Le compte \u00e0 rebours a d\u00e9j\u00e0 commenc\u00e9. <\/p>\n<p>La question que j\u2019entends le plus en ce moment est : \u00ab Sommes-nous pr\u00eats pour la phase 2 ? \u00bb Parfois, elle provient d\u2019un responsable de la conformit\u00e9 en qu\u00eate de r\u00e9assurance. D\u2019autres fois, c\u2019est un directeur des op\u00e9rations qui soup\u00e7onne d\u00e9j\u00e0 la r\u00e9ponse. Ce qui est frappant, c\u2019est de voir \u00e0 quel point, une fois que l\u2019on entre dans les d\u00e9tails, le probl\u00e8me ne vient pas du tout de l\u2019infrastructure de reporting, mais des donn\u00e9es de r\u00e9f\u00e9rence sous-jacentes.   <\/p>\n<\/div>\n<h4>La plupart des entreprises ont g\u00e9r\u00e9 la phase 1 d\u2019EMIR REFIT. La phase 2 est diff\u00e9rente. <\/h4>\n<div class=\"right\">\n<p>La plupart des entreprises ont g\u00e9r\u00e9 la phase 1 assez bien. Mais la phase 2 change la donne car les champs de reporting sont plus complexes, les exigences de correspondance sont plus strictes et les donn\u00e9es de r\u00e9f\u00e9rence qui les sous-tendent sont dans un \u00e9tat moins satisfaisant que ce que la plupart des \u00e9quipes imaginent. C\u2019est ce qui m\u2019a incit\u00e9 \u00e0 \u00e9crire cet article.  <\/p>\n<p>Les enjeux sont plus \u00e9lev\u00e9s qu\u2019il n\u2019y para\u00eet. \u00ab Nous g\u00e9rerons les \u00e9carts au fur et \u00e0 mesure qu\u2019ils se pr\u00e9senteront. \u00bb C\u2019est souvent la r\u00e9ponse que je re\u00e7ois lorsque je discute avec des responsables op\u00e9rationnels. Cela a fonctionn\u00e9 pour la phase 1. Cela ne fonctionnera pas pour la phase 2 car les volumes sont plus importants, les champs plus complexes, et toute erreur remontera via les notifications des r\u00e9f\u00e9rentiels centraux (TR) aux r\u00e9gulateurs, quotidiennement et de mani\u00e8re officielle. C\u2019est d\u00e9sormais un probl\u00e8me bilat\u00e9ral. Si les donn\u00e9es de r\u00e9f\u00e9rence de votre contrepartie ne sont pas coh\u00e9rentes avec les v\u00f4tres, vous g\u00e9n\u00e9rez des \u00e9carts, quelle que soit la qualit\u00e9 de votre propre syst\u00e8me de reporting.      <\/p>\n<\/div>\n<h4>Deux \u00e9ch\u00e9ances, un seul probl\u00e8me<\/h4>\n<div class=\"right\">\n<p>Pour les entreprises op\u00e9rant dans les deux juridictions, cela ne doit pas \u00eatre trait\u00e9 comme deux exercices distincts. Les lacunes de donn\u00e9es qui appara\u00eetront en avril ne dispara\u00eetront pas en septembre. En pratique, il s\u2019agit d\u2019un seul programme de pr\u00e9paration avec deux \u00e9tapes cl\u00e9s.  <\/p>\n<ul>\n<li><strong>EU EMIR REFIT Phase 2 :<\/strong> 27 avril 2026<\/li>\n<li><strong>UK EMIR REFIT Phase 2 :<\/strong> 28 septembre 2026<\/li>\n<\/ul>\n<\/div>\n<h4>Quoi de neuf et pourquoi est-ce plus difficile<\/h4>\n<div class=\"right\">\n<p>Il y avait 61 champs de reporting diff\u00e9r\u00e9s de la phase 1 du rapprochement EMIR parce qu\u2019ils sont plus difficiles \u00e0 aligner entre les contreparties et qu\u2019ils d\u00e9pendent de donn\u00e9es de r\u00e9f\u00e9rence qui, d\u2019apr\u00e8s mon exp\u00e9rience, sont bien moins standardis\u00e9es que ce que les entreprises supposent.<\/p>\n<p>39 de ces champs n\u00e9cessitent une correspondance exacte sans aucune tol\u00e9rance ni marge d\u2019arrondi. Si deux contreparties appliquent des taux de change diff\u00e9rents ou classifient diff\u00e9remment le m\u00eame d\u00e9riv\u00e9 d\u2019\u00e9nergie, un \u00e9cart est automatique. La question n\u2019est pas de savoir si la phase 2 cr\u00e9era des \u00e9carts. Il s\u2019agit de savoir si les v\u00f4tres seront \u00e9vitables \u2014 et d\u2019apr\u00e8s mon exp\u00e9rience, la plupart le sont. Mais seulement si vous corrigez d\u2019abord la couche des donn\u00e9es de r\u00e9f\u00e9rence. C\u2019est pr\u00e9cis\u00e9ment l\u00e0 que le service de donn\u00e9es de r\u00e9f\u00e9rence <a href=\"https:\/\/smart.stream\/fr\/solutions\/smart-data\/\">Smart Data de Smartstream<\/a> intervient, en sour\u00e7ant et en normalisant les donn\u00e9es provenant de plus de 100 flux de bourses selon les normes de l\u2019ESMA avant le d\u00e9but de chaque journ\u00e9e de n\u00e9gociation.     <\/p>\n<p>Les attributs des mati\u00e8res premi\u00e8res \u00e9nerg\u00e9tiques en sont l\u2019exemple le plus clair. Le point ou la zone de livraison, le type de charge, la base de la mati\u00e8re premi\u00e8re \u2014 ces \u00e9l\u00e9ments doivent provenir des bourses, normalis\u00e9s selon les normes de l\u2019ESMA. Quand je demande aux entreprises d\u2019o\u00f9 proviennent r\u00e9ellement ces donn\u00e9es, les r\u00e9ponses varient : bases de donn\u00e9es internes construites il y a des ann\u00e9es, flux tiers que personne n\u2019a v\u00e9rifi\u00e9s r\u00e9cemment. Lorsque les contreparties puisent dans des sources diff\u00e9rentes, un \u00e9cart est presque garanti.   <\/p>\n<\/div>\n<h4>Trois points cl\u00e9s \u00e0 ma\u00eetriser<\/h4>\n<div class=\"right\">\n<p>Lorsque je travaille avec des entreprises qui sont v\u00e9ritablement pr\u00e9par\u00e9es, cela revient toujours aux trois m\u00eames points \u2014 et ce, avant le premier cycle de soumission, pas apr\u00e8s.<\/p>\n<ol>\n<li><strong>Exhaustivit\u00e9 des donn\u00e9es de r\u00e9f\u00e9rence<\/strong> \u2014 Les attributs de livraison des mati\u00e8res premi\u00e8res \u00e9nerg\u00e9tiques et les donn\u00e9es d\u2019\u00e9valuation sourc\u00e9s aupr\u00e8s des bourses, normalis\u00e9s selon les normes de l\u2019ESMA et actualis\u00e9s quotidiennement. Les donn\u00e9es obsol\u00e8tes sont la cause principale des \u00e9carts de rapprochement, et cela ne peut pas \u00eatre corrig\u00e9 apr\u00e8s la soumission. <\/li>\n<li><strong>D\u00e9tection proactive des \u00e9carts<\/strong> \u2014 Attendre les notifications des TR n\u2019est pas un mod\u00e8le viable \u00e0 grande \u00e9chelle. Vous avez besoin de contr\u00f4les qui font remonter les incoh\u00e9rences dans vos donn\u00e9es avant la soumission, pendant qu\u2019il est encore temps d\u2019agir. Les <a href=\"https:\/\/smart.stream\/fr\/solutions\/smart-reconciliations\/\">contr\u00f4les de gestion des exceptions de Smart Reconciliations<\/a> sont con\u00e7us pour identifier ces \u00e9carts avant la soumission plut\u00f4t que de mani\u00e8re r\u00e9active. <\/li>\n<li><strong>Alignement des contreparties<\/strong> \u2014 Pour les d\u00e9riv\u00e9s d\u2019\u00e9nergie en particulier, les conventions de sourcing des donn\u00e9es doivent \u00eatre align\u00e9es bilat\u00e9ralement. Cela ne se fait pas automatiquement. Les entreprises qui g\u00e8rent bien la phase 2 auront d\u00e9j\u00e0 entam\u00e9 ces discussions.  <\/li>\n<\/ol>\n<p>Les entreprises qui traversent cette \u00e9tape sans incident sont celles qui ont trait\u00e9 la phase 2 du rapprochement EMIR comme un projet de donn\u00e9es de r\u00e9f\u00e9rence, et pas seulement comme une mise \u00e0 niveau du syst\u00e8me de reporting. Si vous n\u2019\u00eates pas certain de l\u2019\u00e9tat de vos donn\u00e9es, c\u2019est la chose la plus utile \u00e0 v\u00e9rifier d\u00e8s maintenant. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>par Rahul Verma, gestionnaire de produits, Smartstream Vos donn\u00e9es de r\u00e9f\u00e9rence sont-elles pr\u00eates pour la prochaine vague de rapprochements ? La phase 2 du rapprochement EMIR est plus vaste. Le compte \u00e0 rebours a d\u00e9j\u00e0 commenc\u00e9. La question que j\u2019entends le plus en ce moment est : \u00ab Sommes-nous pr\u00eats pour la phase 2 ? [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":27345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"global_tag":[844,818,374,847,78,77],"class_list":["post-27344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","global_tag-05-may-2026","global_tag-818","global_tag-blogs","global_tag-rahul-verma","global_tag-smart-data","global_tag-smart-reconciliations"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.9 - aioseo.com -->\n\t<meta name=\"description\" content=\"La phase 2 du rapprochement EMIR ajoute 61 champs diff\u00e9r\u00e9s, dont 39 n\u00e9cessitant une correspondance exacte. Smartstream explique pourquoi les donn\u00e9es de r\u00e9f\u00e9rence sont la solution avant avril 2026.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Reinold Beyer\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/smart.stream\/fr\/emir-refit-rapprochement-de-la-phase-2\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO Pro (AIOSEO) 4.9.9\" \/>\n\t\t<meta property=\"og:locale\" content=\"fr_FR\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Smartstream\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"EMIR Refit Phase 2 : vos donn\u00e9es de r\u00e9f\u00e9rence sont-elles pr\u00eates ? | Smartstream\" \/>\n\t\t<meta property=\"og:description\" content=\"La phase 2 du rapprochement EMIR ajoute 61 champs diff\u00e9r\u00e9s, dont 39 n\u00e9cessitant une correspondance exacte. 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