Markit, a leading global diversified provider of financial information services, today announced that MarkitSERV is reporting over-the-counter derivative trades in rates, credit and equities for customers subject to the European Market Infrastructure Regulation (Emir).
The service went live in January 2014, ahead of the February 12th compliance date, in order to facilitate the loading of historical trades into a trade repository.
As detailed in the regulatory technical standards of the European Securities and Markets Authority (Esma), Emir requires EU counterparties to all derivative contracts to report certain trade information and details to a registered trade repository. Even before the first compliance deadline was set by Esma, MarkitSERV had sent several million trade records to the DTCC Derivatives Repository Ltd. on behalf of over a hundred firms.
Emir is the latest regulation covered by MarkitSERV's global trade reporting solution. MarkitSERV already provides trade reporting services for the trade reporting regimes of the following regulators: Australian Securities and Investments Commission (ASIC), Hong Kong Monetary Authority (HKMA), Japan Financial Services Agency (JFSA), Monetary Authority of Singapore (MAS), OTC Derivatives Regulators Forum (ODRF) and US Commodity Futures Trading Commission (CFTC).
MarkitSERV provides a complete Unique Transaction Identifier (UTI) service for a range of asset classes across all supported regimes, including Emir. MarkitSERV receives UTIs from trading venues and clearinghouses, can generate UTIs when they are not provided and enables users to send, receive and agree UTIs across all workflows. Under Emir, this helps ensure reporting is performed without duplication as required by Esma.
Henry Hunter, managing director and global head of derivatives processing at Markit, said: "Our global trade reporting solutions help market participants adapt to multi-jurisdiction regulation efficiently. MarkitSERV provides customers with a cross asset class service to manage all of their post trade requirements, including trade affirmation, trade confirmation, routing to clearing and reporting."
MarkitSERV is a global electronic trade processing service for OTC derivatives. Through MarkitSERV, industry participants have a single point of access to 15 clearinghouses, five trade repositories and more than 1,500 counterparties worldwide. MarkitSERV is also used by Swap Execution Facilities (Sefs) for trade routing to clearinghouses, confirmation and regulatory reporting.