BME/Clearstream OTC repository enters pilot phase with BBVA and Banco Sabadell

BME/Clearstream OTC repository enters pilot phase with BBVA and Banco Sabadell

Spanish bourse Bolsas y Mercados Españoles (BME) and Clearstream have begun testing their planned European OTC trade repository with the support of local banks BBVA and Banco Sabadell.

The system, dubbed Regis TR, aims to collect and administer details of all OTC transactions reported by users and give market participants and regulators access to a consolidated global view of open positions.

The two partners say internal testing during the past month has gone smoothly with no disruptions. External testing with pilot users BBVA and Banco Sabadell begins Thursday, 22 July, with other participants lined up.

Jesús Benito, CEO of Iberclear, BME's subsidiary, says: "The project is running smoothly and has generated a great deal of interest prior to the go live date."

BME and Clearstream have promised an end-of-year go live for Regis-TR. It will face competition from a new London-based repository being established by the Depository Trust and Clearing Corporation (DTCC). Euroclear-owned Xtrakter is also talking with its its users and other market representatives on the development of a European managed trade repository for all asset classes.

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