NSD and CME repository cooperate on OTC cross-border transactions

Source: National Settlement Depository (NSD)

National Settlement Depository (NSD), Russia's central securities depository, a systemically important repository in the Russian market, and CME European Trade Repository Limited (ETR), the ESMA registered and regulated UK-based trade repository that is part of the multi-jurisdictional CME Global Repository Services at CME Group have announced the initiation of cooperative activities.

The two repositories plan to enable Russian clients to report information about OTC cross-border transactions in compliance with EMIR[1]. CME Group’s ETR reports across all asset classes for all exchange traded and OTC trades under EMIR, based on robust technology and operations.

It is planned that in April 2015 Russian market participants will be able to provide information about their OTC cross-border transactions with European counterparties in accordance with the EMIR requirements using NSD repository. Receipt of such reports will begin simultaneously with the launch of the second stage of reporting on contracts that represent derivatives concluded on the basis of master agreements.

During the second stage, the list of reportable derivative trade types will be expanded; information about these transactions will be submitted to the repository. To date, market participants are obliged to submit reports only on OTC repo transactions and currency swaps concluded on the basis of the master agreement.

Market participants will be able to send reports on OTC cross-border transactions to NSD using existing message formats and communications channels.

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