ESMA registers DDRL, KDPW, Regis-TR, and UnaVista as trade repositories
The European Securities and Markets Authority (ESMA) has approved today the registrations of the first four trade repositories (TRs) under the European Market Infrastructure Regulation (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 Wartościowych S.A. (KDPW), based in Poland;
* Regis-TR S.A., based in Luxembourg; and
* UnaVista Ltd, based in the United Kingdom;
Steven Maijoor, ESMA Chair, said:
“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 working 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.
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