Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

13815

ESMA approves DTCC trade repository in Europe

RELATED TOPICS​

The European Securities and Markets Authority (ESMA) has approved DTCC’s Derivatives Repository Limited (DDRL) to operate a multi-asset class derivatives repository in Europe.

Located in London, with a data centre in The Netherlands, DTCC’s European trade repository will support trade reporting mandated under the European Market Infrastructure Regulation (EMIR) which is due to begin on 12 February 2014.
 
The approval is DTCC’s fourth trade repository license globally and adds to the firm’s existing and proven multi-jurisdictional capabilities in derivatives trade reporting. DTCC’s trade repositories have been supporting regulatory reporting in the US since October 2012, in Japan since April 2013 and in Singapore since November 2013.
 
“We are very pleased to have received approval from ESMA. With our proven track record of providing trade reporting services in other markets, we can add real value to the European derivatives reporting space where we have built a solution tailored for both EMIR reporting firms and European regulatory authorities,” says Sandy Broderick, chief executive, DTCC Deriv/SERV.
 
“Reporting for all five derivatives asset classes – credit, interest rate, equity, FX and commodities – which will commence simultaneously on 12 February 2014, will be a significant undertaking for the industry and the next 90 days will be crucial for achieving compliance with EMIR. Our focus is now on helping European dealers and end users of derivatives to meet their reporting obligation in time.”
 
EMIR mandates reporting of both over-the-counter (OTC) and exchange-traded derivatives to trade repositories; it further places the reporting obligation on both counterparties to the trade and as such impacts a larger number of entities than regulations implemented in other jurisdictions.
 
Véronique Sani, managing director, Société Générale, says: “The phased reporting of OTC derivatives trades, both from an asset class and geographical perspective, and our ability to connect to a single trade repository to fulfil all our reporting obligations, has been key to our readiness to meet regulatory obligations seamlessly in the US, Japan and now in Europe”
 
To aid a swift onboading process, DTCC launched a self-registration portal, with an expedited client registration process that can be completed in minutes and connection to the repository activated within 24 hours. Derivatives dealers and end users can connect to DTCC directly or report through a number of intermediaries or middleware providers that are also connected to DTCC’s trade repository.
 
“What we are offering is a flexible and horizontal reporting platform for entities looking to meet their reporting obligations under EMIR,” says Broderick.

Latest News

Bequant has announced that it has launched a new capital introduction platform designed specifically for..
ndosuez Wealth Management has announced the launch of Indosuez Funds - Chronos Green Bonds 2028,..
New global research from industry association Global Digital Finance (GDF) shows most major financial institutions..

Related Articles

graph
The exodus from hedge funds continues with investors questioning unswayed by relatively strong performance from the alternative asset class...
The exodus from hedge funds continues with investors questioning unswayed by relatively strong performance from the alternative asset class...
Waves
A joint statement from BNP Paribas Asset Management, Federated Hermes Limited, Mirova, Robeco and Storebrand Asset Management has been published, entitled The urgent need for better ocean-related data to make informed investment decisions...
A joint statement from BNP Paribas Asset Management, Federated Hermes Limited, Mirova, Robeco and Storebrand Asset Management has been published,..
Frozen soap bubble
From the end of this month, the UK’s Sustainability Disclosure Requirements (SDR) regime comes into force which the Financial Conduct Authority says has a simple aim: “Financial products that are marketed as sustainable should do as they claim and have the evidence to back it up.”..
From the end of this month, the UK’s Sustainability Disclosure Requirements (SDR) regime comes into force which the Financial Conduct..
Global ESG Investing
On May 15 Florida’s Republican Governor Ron DeSantis signed legislation that furthers his ongoing campaign to oppose the role of climate change and ESG factors in state policymaking...
On May 15 Florida’s Republican Governor Ron DeSantis signed legislation that furthers his ongoing campaign to oppose the role of..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by