One Year of EMIR Refit: One Year On

April 29th, 2025 marked one year since the EMIR Refit went live across the EU. A major regulatory milestone — and one that brought major change to how derivatives are reported and reconciled.

At Fund Recs, we’ve worked closely with our clients to help them meet the new requirements with confidence. One year on, here’s where we stand.

By the Numbers

The last 12 months have seen strong adoption and operational gains across the board:

• 37 clients using the Fund Recs EMIR Solution
• 2,000+ fund setups configured
• 4 Trade Repositories supported: DTCC, Regis-TR, UnaVista, and KDPW
• 2,790 files processed daily across those TRs
• 26 Books of Record integrated
• 19 administrators on platform (including Citco, BNY, JP Morgan, and more)
• 500+ counterparties monitored (sub-account level)
• 410,000 average daily TR positions loaded
• 380,000 open trade positions reconciled daily
• 30,000 daily margin positions processed
• 362 daily validation checks performed (320 for trades, 42 for margin)
• 33,246,560,000 or 33.2 billion data points checked since Refit 

Strengthening Oversight

We’ve helped clients bring greater transparency and control to their regulatory processes. Our EMIR solution now includes:

• 4 interactive dashboards for management insight
• 4 detailed reports for operational teams
• Support for both EU and UK EMIR frameworks
• Flexible reconciliation that adapts across jurisdictions
• Deep integration with multiple TRs and Books of Record

How We Got There

Delivering a robust solution by the April 29th deadline required close coordination across teams — and a sharp focus on what mattered most.

On the operations side, we worked directly with clients to help them adjust to the new requirements. We introduced defined playbooks for onboarding, expanded our monitoring protocols, and added new support streams to deal with the increased complexity of EMIR Refit.

Internally, our product and engineering teams moved fast. Development ran in agile sprints, and feedback from early users played a key role in shaping the features ahead of full deployment. We prioritised Trade Repository integrations, improved exception workflows, and scaled up our validation engine to accommodate the wider range of fields introduced by the new rules.

We hit the deadline — and more importantly, did so without cutting corners. That strong foundation has powered continuous improvements throughout the past year.

The Power of Community

A big part of that success comes from the Fund Recs EMIR Working Group.

Meeting quarterly, the group brings together clients and our internal teams to share challenges, provide feedback, and shape our product roadmap. It’s helped us stay aligned with what the industry needs — not just what the rules require.

We’re grateful to every participant who’s contributed their time, insight, and experience. You’ve helped turn a compliance obligation into a community effort.

What’s Next

The EMIR rulebook will continue to evolve. So will we.

We’re committed to supporting clients through whatever comes next — scaling with volume, adjusting to new fields, and delivering clearer oversight along the way.

To everyone who’s been part of this first year: thank you. Here’s to year two.