DTCC expanded its presence in Europe with the opening of a new office in Dublin to provide an authorized regulatory reporting service for clients in the EU27 and the UK.
The European Securities and Market Authority (ESMA) has registered DTCC Data Repository (Ireland) PLC (DDRIE) as a trade repository under the European Market Infrastructure Regulation (EMIR), effective March 1, 2019.
DDRIE, based in Dublin, will cover all five derivative asset classes: commodities, credit, foreign exchange, equities and interest rates.
"DTCC thanks the Irish Government and IDA Ireland for their support,” said Mark Wetjen, Managing Director, Head of Global Public Policy, DTCC and Chairman of the Board, DTCC Deriv/SERV LLC. “Our team looks forward to working with the local business community and providing world-class servicing for over-the-counter and exchange traded derivatives reporting.”
In a statement released in July 2018, Simon Farrington, Managing Director, EMEA at DTCC, said “We look forward to hiring and developing a local team, and working with lawmakers, regulators, trade associations and other key industry stakeholders to ensure the success of our new operations in Ireland.”
The DDRIE will not be active until Brexit takes effect (March 29), assuming a hard Brexit. Clients should continue to report to DTCC Derivatives Repository Plc, "DDRL", until March 29. In the event Brexit is delayed beyond March 29, DDRL will remain an active ESMA authorized trade repository until further notice.
DTCC’s GTR, the largest trade repository in Europe, provides trade reporting services in nine jurisdictions and serves approximately 80% of the global financial marketplace. It processes 14 billion messages annually and is the only GTR to cover all asset classes.