Global Reporting Company ("GRC"), backed by Global Markets Exchange Group International LLP ("GMEX Group") and REGIS-TR, the European Trade Repository owned by Clearstream (Deutsche Börse Group) and Iberclear (BME), today announced their partnership to provide buy side and corporate clients with trade reporting services, ahead of the European Market Infrastructure Regulation (EMIR) obligation to report over-the-counter (OTC) and listed derivative transactions, which comes into effect on 12th February 2014.
GRC offers firms, including corporate entities and investment managers, an end-to-end solution to address regulatory trade reporting requirements. Delivering a neutral fully outsourced service, it enables market participants to spread their trading risk by continuing to use multiple prime brokers whilst consolidating reporting tools, data mapping, process monitoring and connectivity through GRC to the REGIS-TR trade repository.
“Corporate and buy side firms can now benefit from meeting the mandatory regulatory reporting deadline through use of our easily accessible centralised solution for over-the-counter and listed derivative transactions connected into the market leading REGIS-TR trade repository,” said Hirander Misra, Chief Executive Officer of GMEX Group and Director and Co-founder of GRC.
Nicolas Boatwright, Managing Director of REGIS-TR, commented, “We are delighted that GRC have chosen to partner with us to deliver this industry leading trade reporting service to its customer base. Our approach emphasises simplicity, accessibility and predictability. We also believe having flexible participant profiles that allow any entity to participate directly and/or delegate to a third party is a significant customer benefit.”
GRC and REGIS-TR are currently on-boarding market participants to ensure early compliance with the EMIR reporting obligation. REGIS-TR currently has almost 1,000 participants to its test environment, comprising a wide variety of Pan-European financial institutions as well as non-financial entities across all corporate sectors with a reporting obligation to EMIR. Its focus on European regulation, flexibility to offer solutions to any size of business and the close support to all current participants and potential customers has ensured it is regarded as an essential link between the financial industry and the regulators' community. In November 2013, the company was amongst the first wave to be granted a license by the European Securities and Market Authority (ESMA) to operate a trade repository.