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EMIR trade reporting obligations to start 12 February 2014

The European Securities and Markets Authority (ESMA) has now approved the
registrations of the first four trade repositories (TRs) under the European
Market Infrastructure Regulation (EMIR).  The four TRs are:

  • 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.

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 calendar days after the official registration date.

The registered TRs cover all asset classes irrespective of whether they are traded on or off exchange.

The Chair of the European Securities and Markets Authority (ESMA), Steven Maijoor, has given a speech on the international coordination of the regulation and supervision of OTC derivatives markets.  During the speech which provides an overview of ESMA’s approach to international regulation he noted that ESMA considered that the 90 days will provide sufficient time for counterparties to contract with trade repositories and adjust their trade reporting systems to meet
requirements.

 Related Links:

Approved

http://www.esma.europa.eu/system/files/2013-1629_esma_registers_trade_repositories_2.pdf

Speech

http://www.esma.europa.eu/system/files/2013-1486_international_coordination_of_the_regulation_and_supervision_of_otc_markets_-_steven_maijoor_esma_chair_at_aba_london_17_otober_2013_final.pdf

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