07 November 2013

ESMA approves registrations of first six TRs under EMIR

The following entities are registered as TRs for the European Union (EU):

• DTCC Derivatives Repository Ltd (DDRL), based in the United Kingdom;
• Krajowy Depozyt Papierów Wartosciowych SA (KDPW), based in Poland;
• Regis-TR SA, based in Luxembourg; and
• UnaVista Ltd, based in the United Kingdom.

Steven Maijoor, ESMA Chair, noted: "Registering the first European trade repositories is an important component in making derivative markets more transparent and resilient. TRs play a fundamental role in the surveillance of derivatives markets and in risk monitoring. The data gathered by TRs will enable regulators to identify and reduce the risks associated with derivative markets.

ESMA’s TR supervision will ensure more robust market infrastructures and benefit investors, financial markets and the economy as a whole."

Trade reporting to start mid-February

TRs are commercial firms that centrally collect and maintain the records of derivatives contracts reported to them. The registration of these TRs means that they can be used by the counterparties to a derivative transaction to fulfil their trade reporting obligations under EMIR. The registrations will take effect on 14 November 2013, with the reporting obligation beginning on 12 February 2014, i.e. 90 calendar days after the official registration date.

The registered TRs cover all derivative asset classes –commodities, credit, foreign exchange, equity, interest rates and others – irrespective of whether the contracts are traded on or off exchange.

ESMA now assumes supervisory responsibility for the TRs who must continue to comply, on an on-going basis, with the regulatory requirements set out under EMIR.

ESMA is currently processing further TR applications.

Full press release

Further registrations, 28.11.13

ESMA has approved the registrations of two further trade repositories (TRs) under EMIR. The following entities have been registered as TRs for the European Union (EU):

• ICE Trade Vault Europe Ltd. (ICE TVEL), based in the United Kingdom (press release); and
• CME Trade Repository Ltd. (CME TR), based in the United Kingdom (press release).

Following the registration of a first group of TRs on 7 November 2013, which became effective on 14 November 2013, the reporting obligation start date for all asset classes will begin on 12 February, 2014.

Including these registrations, there are now six TRs registered in the EU, which can be used for trade reporting. ESMA has not received any further application for registration.

Press release

Industry comments:

DTCC

“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", said Sandy Broderick, CEO, 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.”

Press release

KDPW

"Thanks to our service, all entities required by law to report details of derivative contracts can fulfil this obligation. As KDPW Group, we strive to provide top quality services, always in line with the current regulations and highest international standards, to ensure that companies active on the local financial market can use the local market infrastructure. It is our contribution to the development of a strong capital hub in Warsaw", said Iwona Sroka, KDPW President and CEO.

Press release

Regis-TR

David Retana, Managing Director of REGIS-TR, said: “Receiving the trade repository authorisation from ESMA is a key milestone for us on our journey towards being able to enable European customers to fulfil their reporting obligations in Europe, via our trade repository. The ESMA licence is important in that it shows our commitment to our prospective customers and confirms REGIS-TR is fully compliant with the EMIR rules and the ESMA technical standards”.

Press release

UnaVista

Mark Husler, CEO of UnaVista said: “We are delighted to have received regulatory approval for our new trade repository. This will enable our customers to fulfil all of their EMIR reporting obligations across all asset classes. We will use our extensive experience from reporting over 1.5 billion transactions a year for MiFID, to assist our customers to be ready for the February go-live date.

“We have seen a positive response from customers using our test environment and many have already signed up to our trade repository, we look forward to working with them to ensure readiness for the implementation of the EMIR regulations.”

Press release

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