19 August 2017
visit www.avoka.com

LMEwire launch hits trade reporting deadline

13 February 2014  |  1602 views  |  0 Source: London Metal Exchange

LME Clear has successfully launched its new trade-reporting service, LMEwire, in time to meet the 12 February reporting deadline set out by the European Market Infrastructure Regulation (EMIR).

The service, offered in partnership with the Depository Trust & Clearing Corporation's (DTCC) trade repository, began reporting on schedule with uptake from 30% of the LME clearing membership.

"The tight implementation deadline for trade reporting under EMIR was a concern for the industry, and ensuring members could comply with the new rules in an efficient and cost-effective manner was the key driver behind this new service," said Trevor Spanner, CEO of LME Clear.

"We're very pleased with the successful rollout of LMEwire, which has saved members considerable time and resources in an environment of constraint and regulatory change."

LMEwire uses new LME Clear technology together with existing connectivity and data already available through LME's matching system, LMEsmart, to report trade information directly to the DTCC. This eliminates the need for members to process the data themselves and enables them to easily fulfil onerous backloading requirements.

LME members are now reporting both their own trades and those of their clients. They are also able to use the LMEwire portal to report data for other types of trade, including OTC and non-LME ETD transactions.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.worldpaymentsreport.comdownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8402 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7567 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6685 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6236 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6098 views comments | 11 tweets | 9 linkedin

Featured job

Find your next job