At the beginning of October, eight months after the launch of the reporting duty for Exchange Traded Derivatives (ETD) and Over-The-Counter (OTC) derivatives by virtue of the European Market Infrastructure Regulation (EMIR), which came into force on 14 February 2014, over 1 billion transactions have been processed by REGIS-TR, the European trade repository owned by Clearstream (Deutsche Börse Group) and Iberclear (BME).
Elena Carnicero, Chief Executive Officer of REGIS-TR, comments: "The 1 billion transactions that we have processed are a significant milestone that proves that REGIS-TR has become the European hub for the derivatives transaction reporting. Today, REGIS-TR has approximately 1,000 customers and in September it received more than 200 million transaction reports. Processing has been smooth and without failure, which shows how robust and reliable our infrastructure is. We are ready for even higher volumes."
Irene Mermigidis, Managing Director of REGIS-TR, notes: "We have introduced a very competitive and cost effective product which enjoys a lot of acceptance amongst financials and corporates who need to meet their reporting obligation. REGIS-TR's flexible reporting models and interoperability with leading market providers in the value chain means that we are still onboarding new customers. As the needs of customers will evolve with the regulatory agenda we will develop new products and add new services to meet their needs."
The current business priority for REGIS-TR is to continue working with the European Securities Market Authority (ESMA) and the other trade repositories to improve pairing rates where counterparties to a derivative report to different trade repositories. The additional reporting volume resulting from the implementation of Collateral and Valuations Reporting in August 2014 (EMIR, Phase 2) was smoothly absorbed by REGIS-TR.
Next will be to deliver value-added services such as reporting for trades under the Regulation on wholesale Energy Market Integrity and Transparency (REMIT), FinfraG (the Swiss Financial Market Infrastructure Act), MiFID II and Shadow Banking.