Xtrakter plans European trade repository
08 July 2010 | 8362 views | 0
Just days after US-based Depository Trust & Clearing Corporation outlined plans to launch a European trade repository, Euroclear-owned Xtrakter says it might develop its own.
Xtrakter says it is in consultation with its users and other market representatives on the development of a European managed trade repository for all asset classes.
Under MiFID, the firm is already an approved reporting mechanism to the UK's FSA, France's AMF, and the Netherlands' AFM. It also provides primary dealers with an onward reporting facility to the National Bank of Belgium.
Yannic Weber, CEO, Xtrakter, says: "Given our position as a major reporting mechanism, the significant changes that will emerge following the current European Markets Infrastructure Regulation consultation, it is vitally important we consider in conjunction with members of our user community whether it is appropriate for us to develop a European managed trade repository."
Only last week the DTCC revealed that it will establish a London-based trade reporting repository which will maintain global credit default swap data identical to that held in its New York based Trade Information Warehouse. By establishing identical CDS data sets on two continents, the firm says it will help ensure regulators have secure and unfettered access.
Additional competition from Spanish bourse Bolsas y Mercados Españoles is also in the pipeline. It said in November that it would create a trade repository for OTC financial instruments, meeting the European Commission's objectives of providing an EU-centric data warehouse. In June it recruited Clearstream Banking to the initiative and promised an end-of-year launch.