Dear Valued Client,
As the Brexit deadline moves closer, we appreciate our clients will very likely be facing some complex situations. Fortunately, DTCC is ensuring that the process to enable its clients to report trades in the post-Brexit era will be one of the more simple tasks. We want to support you every step of the way as you determine your reporting obligations in the post-Brexit environment, commencing on 1st April 2019.
For continued reporting to European Securities Markets Authority (ESMA) through DTCC, clients will need to be onboarded to DTCC Data Repository (Ireland) PLC ("DDRIE," our EU27 trade repository in Ireland). In order to report to the Financial Conduct Authority (FCA), clients will need to be onboarded to DTCC Derivatives Repository PLC (“DDRL,” our UK trade repository). A comprehensive FAQ is available on our website to answer any further questions. For any questions beyond this, please contact email@example.com or your account manager for further information
To use the Global Trade Repository (GTR) to report to FCA post-Brexit you need to be
onboarded to DDRL. As this is our existing entity and your agreements are already in place, no action is required to enable reporting to FCA. If you have a need to access expired positions in the future, you may also wish to obtain access to DDRIE. Please see the FAQ for further details.
If you wish to use GTR to continue to report to ESMA then you will need to onboard to DDRIE using our simple DocuSign method. This electronic signature process will allow you to complete your agreement and obtain access in a few simple clicks. Your Super Access Coordinators will be contacted in due course.
If you need to report to both FCA and ESMA you will need to be onboarded to both DDRL (by doing nothing) and DDRIE (by using our simple click through process as detailed above).
Onboarding to the relevant trade repository is required both for report submission and visibility of reporting. Where trade reporting is delegated, the report submitter must be onboarded to the relevant trade repository to be able to submit. To receive the reports directly from the trade repository, the delegating client must also be onboarded to the relevant trade repository.
Finally, if you are making any changes to your entity structure, for example adding new or merging existing entities, or alternatively if you want to off board from DDRL post-Brexit, please contact our onboarding team at GTR-Onboarding@dtcc.com. Additionally, you may wish to use DTCC’s GMEI utility to obtain new LEIs. To learn more, visit www.gmeiutility.org.