Wednesday December 18 2013
News Source: Global Exchanges
Focus: Other
Type: General
Country: European Union
The European Commodity Clearing (ECC) is to offer reporting of transaction data in the future- Trade Reporting – in the framework of EMIR (European Market Infrastructure Regulation).
According to Article 9 of EMIR, all market participants are obliged to forward transaction data regarding concluded derivatives transactions to a Trade Repository as of 12 February 2014. These trade repositories are in charge of data collection and control as well as the forwarding of data to the national and European supervisory authorities. The EMIR reporting requirement applies to both trading transactions concluded on exchanges and to over- the-counter transactions.
In its capacity as the central counterparty, ECC already has a tried and tested reporting infrastructure. ECC will use “Regis-TR” as a trade repository. The preparations for the new service and the connection to the data collector are now underway.
In addition, ECC has already implemented a large number of EMIR requirements in its processes and structures. In September 2013, it submitted its application for an EMIR Central Counterparty license in due time with a view to being admitted during Q2 2014.
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