- Connects largest global derivatives reporting service, DTCC Global Trade Repository (GTR), with largest European MiFID Approved Reporting Mechanism
- Fully complies with MiFIR reporting requirements scheduled to go live in early 2017
- GTR to establish direct connection to UnaVista’s MiFIR reporting service
- Reflects LSEG’s commitment to ‘Open Access’ and DTCC’s commitment to reducing compliance costs for the industry
September 28, 2015 - London Stock Exchange Group (LSEG) and The Depository Trust & Clearing Corporation (DTCC) today announced that they have signed heads of terms to partner to provide clients with a connection to UnaVista's Approved Reporting Mechanism (ARM). The planned service will allow DTCC clients to comply with the Markets in Financial Instruments Regulation (MiFIR) utilising their current connection from DTCC's Global Trade Repository (GTR). The MiFIR reporting requirements will supplement the existing EMIR post-trade reporting requirements for derivatives trading activities. UnaVista and DTCC currently jointly process around 20 billion regulatory reports annually, across all asset classes and global markets.
Through this joint offering, GTR users will be able to submit a single report, combining the MiFIR and EMIR data elements. MiFIR relevant data will be extracted and routed to UnaVista for validating and reporting to the relevant pan European competent authorities. Users will also benefit from access to the UnaVista interface where they can manage exceptions and get advanced business insight.
Users of the joint service are able to access UnaVista’s MiFIR test environment now, ahead of the MiFIR reporting go live in Q1 2017.
UnaVista and DTCC are both approved Trade Repositories for the EU derivative regulation EMIR, and already have a connection to pass relevant transactional data to each other for reconciliation purposes. UnaVista also routes transactions on behalf of its clients to DTCC for global derivatives reporting.
Mark Husler, CEO of UnaVista said "LSEG is delighted to be partnering with DTCC to offer their clients a complete MiFIR reporting service, which again demonstrates our commitment to Open Access. MiFIR is designed to improve financial market transparency and both companies want to act early to respond to customers demand and ensure clients have as much time as possible to prepare for the upcoming regulatory changes. DTCC’s clients will benefit from UnaVista's well-established and proven regulatory reporting technology, which has made it the largest MiFID ARM in Europe."
Andrew Douglas, CEO of GTR Europe for DTCC, stated, "We are pleased to be partnering with LSEG on this important initiative. As additional reporting requirements such as MiFIR come to market, we believe it is critical that all service providers look to leverage rather than duplicate existing infrastructure to ensure the overall operational cost burden to the industry is minimized. With this joint solution, users can continue to satisfy MiFIR and EMIR regulatory mandates leveraging the single platform, DTCC’s GTR."
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Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) is a diversified international market infrastructure and capital markets business sitting at the heart of the world's financial community. The Group can trace its history back to 1698.
The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, a pan-European equities MTF. It is also home to one of the world’s leading growth markets for SMEs, AIM. Through its platforms, the Group offers international business and investors unrivalled access to Europe's capital markets.
Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of multi-asset global CCP operator, LCH.Clearnet Group, LSEG operates CC&G, the Italian clearing house; Monte Titoli, the T2S-ready European settlement business; and globeSettle, the Group’s newly established CSD based in Luxembourg.
The Group is a global leader in indexing and analytic solutions. FTSE and Russell Indexes offer thousands of indices that measure and benchmark markets around the world. The Group also provides customers with an extensive range of real time and reference data products, including SEDOL, UnaVista, Proquote and RNS.
Following the acquisition of Russell Investments, LSEG conducted a comprehensive review of the investment management business to analyse its strategic fit with the Group. This was concluded in February 2015, and LSEG is now exploring a sale of the business in its entirety.
London Stock Exchange Group is a leading developer of high performance trading platforms and capital markets software for customers around the world. In addition to the Group's own markets, over 35 other organisations and exchanges use the Group’s MillenniumIT trading, surveillance and post trade technology.
Headquartered in London, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people.
Further information on London Stock Exchange Group can be found at www.lseg.com
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. User owned and industry governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2014, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from over 130 countries and territories valued at US$64 trillion. DTCC’s global trade repository maintains approximately 40 million open OTC positions and processes roughly 280 million messages a week.
To learn more, please visit www.dtcc.com or follow us on Twitter @The_DTCC.
This press release was revised on September 29, 2015.
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