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, enabling the repository to support trade reporting mandated under the European Market Infrastructure Regulation (EMIR). Reporting is due to begin on February 12, 2014.
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.
"We are very pleased to have received approval from ESMA, said Sandy Broderick, CEO, DTCC Deriv/SERV."We have been working very closely with the European regulators and with the market community to understand the regulatory requirements and make sure our solution is adapted to the needs of our clients We look forward to helping our clients with their compliance to ESMA trade reporting requirements."
DTCC's European trade repository is DTCC’s fourth trade repository license globally. DTCC's trade repositories have been supporting regulatory reporting in the U.S. since October 2012; in Japan since April 2013; and in Singapore and Australia since November 2013.
To help clients with their onboarding process, DTCC launched a self-registration portal, with an expedited client registration process that can be completed quickly 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," noted Broderick.
For more information about DTCC’s Global Trade Repository, visit:
1. Global Trade Repository – The Industry’s Choice for Regulatory Reporting
For more information, contact the DTCC GTR team at
Seven Things to Know About Derivative Reporting Requirements Under EMIR
With trade reporting mandates for derivatives coming online in Europe in early 2014, many firms are struggling to understand the most efficient and cost-effective way to ensure regulatory compliance across multiple jurisdictions. DTCC is providing answers to questions that may arise from having to meet increasing regulatory obligations.
DTCC’s new brochure, "Global Trade Repository – The Industry’s Choice for Regulatory Reporting," provides further details on how firms can use DTCC’s global trade repository (GTR) to meet regulatory obligations in the derivatives market.
Q. Does my firm need to report to DTCC for all asset classes?
A. No. Firms may use a global trade repository (GTR) for regulatory reporting obligations on a single individual asset class, a subset of all asset classes for multiple asset classes or as a complete solution for all domestic and global regulatory reporting requirements for all asset classes.
Q. How does reporting work between different countries with different regulatory jurisdictions or agencies?
A. When different regulatory jurisdictions are involved, the GTR utilizes participants’ regulatory identification on the inbound message to direct the records to the relevant trade repositories for regulator access to data.
Q. What are the different message types?
A. The following message types are supported to report to the GTR: Real-time price data; position updates; valuations; document; event processing.
Q. Is the repository for bilateral transactions only?
A. No. The GTR supports all derivatives trade execution types – both OTC and exchange traded – regardless of method, including bilateral execution, brokered trades and trades executed on an electronic platform. It also supports all transaction submissions whether electronically confirmed or paper confirmed as well as cleared or uncleared trades.
Q. Which regulators will be able to access my information?
A. Regulators access trade data or reports based on permissioning logic maintained in the GTR account system. The criteria for permissioning vary depending on the supervisory authority.
Q. What type of information is publicly disseminated?
A. The GTR provides aggregate data reporting and real-time price reporting. The reporting is at an aggregate and anonymous level for the purpose of providing transparency of the size of the market.
Q. Will my firm be identified in the public reporting?
A. No. Neither counterparty’s identity, nor the USI, are part of the real-time message publicly disseminated.